opinion
Why is Personal balance sheet important?
Create a personal balance sheet to find out. When applied to your own life, a financial balance sheet can illustrate if you’re on the right path to accomp...
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Opinion
opinion
What is conventional system of accounting?
Conventional Accounting system is a traditional method of recording accounting information. Double entry Book Keeping System is the most perfect, scientif...
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Is property a debit or credit?
Land is an asset; therefore, it has a natural debit balance. The value recorded into the financial account is the historical cost paid for the property. C...
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What are the advantages of a high inventory turnover ratio?
A quick inventory turnover results in increased sales volume and hence increased store’s profitability. A quick inventory turnover means store has quick r...
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What is the bailout period for the project?
Payback period is 3 years. After considering the bailout the payback period has been reduced from 3 years to 2 years….Answer: Year Cash flow Cumulative Ca...
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What is cash receipts from customers?
Definition: Cash receipts are the collection of money, typically from a customer, which increases (debits) the cash balance recognized on a company’s bala...
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Who are the users of the financial statements?
The users of financial statements include legislators and their staff, municipal bond insurors, buy- and sell-side analysts, rating agencies, bond holders...
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What is the purpose of external financial reporting?
General purpose external financial reporting (GPEFR) focuses on providing information to meet the needs of financial report users. This information may be...
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What is cash in transit in financial accounting?
Cash-in-transit (CIT) or cash/valuables-in-transit (CVIT) is the physical transfer of banknotes, coins, credit cards and items of value from one location ...
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What are the examples of recurrent expenditure?
Examples of recurrent expenditure include: Salaries and wages. Employee allowances. Operational costs like water bills, electricity, accommodation, travel...
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