education
How do you record a promissory note in a journal entry?
The borrower records the note by debiting the cash account and crediting the notes payable account. The rest of the notes payable formula includes that in...
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Education
education
Which range of port numbers identifies all well known services?
Well-known ports range from 0 through 1023. Registered ports are 1024 to 49151. Dynamic ports (also called private ports) are 49152 to 65535. Which layer ...
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education
What are the assumptions of cost-volume-profit analysis?
Here are some assumptions about the use of CVP analysis in business. CVP analysis costs can be segregated into fixed and variable portions and total fixed...
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education
What is the purpose of the conceptual framework in accounting?
The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes ...
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education
What are the disadvantages of low cost airlines?
It’s safe to expect to forfeit some form of luxury and services you’ll always get on major carriers, like catering, entertainment, lounge services etc. Ma...
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education
Is sales return debited or credited?
A debit note is sent to inform about the debit made in the account of the seller along with the reasons mentioned in it. 4. It is often used to return goo...
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education
How expenses are booked in accounts?
Accountants record expenses through one of two accounting methods: cash basis or accrual basis. Under cash basis accounting, expenses are recorded when th...
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education
Has Nigeria Navy reopen their portal?
Application Deadline: The Nigerian Navy recruitment is on-going round the year but the official application portal is currently closed and will be reopene...
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education
Is bad debt expense an operating expense or cogs?
The provision for bad debts should be reported as a General and Administrative Expense each month, quarter, or year. It’s not an operating expense—costs d...
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education
Does the fact that the unadjusted trial balance is balanced mean that there are no errors in the accounts?
If the total debits equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers. Ho...
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