I track my inventory in an accounting software. We recently gave away a bunch of t-shirts and totes as promotional items. How do I update my inventory quantities and what is the journal entry for recording these items as promotional items and adjust the COGS? Thank you?
How consistent is accounting among companies of the same industry?
What is a one-off cost? Any examples?
How do you calculate variable costs per unit?
What is a credit limit?
What are the benefits of selling goods on a cash basis?
What is a sinking fund?
Is it okay if the company pays off the retiring CEO son's home mortgage as a retirement money?
I recently purchased a bread route business and am wondering how to properly record the transaction in QB. There were no assets involved. I only purchased a territory to operate in. Cost of business was $160k I paid $46k cash $114k is bank financed How should this be recorded and what account types do I need to create? Any help would be greatly appreciated.?
Do I record cash I invested and used for capital improvements of a RE on BS or do I record it as an equity in the building?
My wife is filling out her college loan Fasfa ap and the question "Do you have assets totaling 11,000 or greater?" Do vehicles and home count as assets if more than 1/2 way paid through? Or do they mean liquid as in "If you liquidated all your paid for worldly possessions, are you worth 11,000?"?
Which journal is used to record cash outflows ?
Will a debit entry in the cash book increase a bank balance or an overdraft ?
What is payroll, and why is it important for an organization/business?
What is debtors allowances classified as?
How do you calculate debtors allowance?
What does it mean when your opening stock is less than the closing stock?
How does a payment on an account by a customer affect accounts receivable?
What is a general ledger?
Is sales tax a part of accounts payable ?
What is the formula for the liquid ratio?
What is a net income?
What's the difference between joint underwriting and firm underwriting?
What is the name of trial balance prepared during the second month of the current year?
What is creditors allowance journal ?
What are some critical factors to consider when preparing a start-up budget?
What are dishonoured cheques?
What is supply?
What does footing mean?
What is impairment?
What does 'SFA 30 days' mean?
Who governs accounting?
If you're using the perpetual inventory system, what is the journal entry for selling goods on credit?
What report shows money owed to a vendor?
Whate are refunds made to employees for business purchases called?
What are the steps in capital budgeting?
What is WCG and ABF in bank terminology?
What is LIFO?
How do we classify the cost of inventory?
How do you find the net sales when you have bad debts accounts?
Where do we record the cancelation of a check?
What is cutoff?
What should contractors be tracked as?
What is FOB?
How is a post-dated check recorded in the balance sheets?
How do captial expenditures affect the balance sheet?
What is revenue? Does revenue mean you deduct all your expenses, and out of that net profit is your revenue?
How do you post the debt allowance in the income statement?
Where do you get the information you need to draw up the trial balance?
What is the purpose of cost accounting?
Is it necessary to prepare a bank reconciliation statements?
I bought an incorporated business for 30K. It was a share purchase. How do I record payments to myself to recover my 30K?
What do they mean by non-taxable?
Where does a photocopier purchased on credit get recorded, and which accounts are affected when it is paid off?
What does it mean a dollar today is worth more than a dollar tomorrow ?
When given 2 bank reconciliation statements, how do I know whether the first bank rec. has an overdraft or not.? (no amount given for bal. except the opening for the following months bank rec.)?
How do I make my own job card?
How do I calculate Contribution Margin per Unit?
How do you purchase a bond?
How do you calculate income tax on net profit?
What entries go on a Ledger?
How do the dividends per share compare with the groups earning per share?
When you bill a customer for services performed, how does it affect liabilities, SE, and assets?
If the there is a favourable bank balance which journal is it going to affect? Which side will be affected on the bank's records?
What is internal control?
What is the formula to calculate target profit price?
What are U.S. government bonds?
How do you calculate net profit if you only have assets and liabilities?
How is interest capitalised?
What is withheld from an employees pay?
What form is used to advise the employer of the number of federal exemptions to use in calculating an employee's withholding taxes?
What is a tooling journal?
What is the correct accounting name for incentive?
Is service revenue a debit or credit ?
What is portfolio return?
What is bad debt exspense?
What are the difference between depreciation and amortization?
How does a contingent liability differ from an estimate liability?
How do you calculate stock value?
What accounts are included in a post closing trial balance?
What does HTM in accounting stand for?
How do you calculate return on common stockholders equity?
What is deficiency stock?
How do you calculate expenses?
How is a balance in a prepaid account rolled over to the following year?
If rent is paid monthly on medical equipment, would that be rent payable or accounts payable?
When you "foot" a column of numbers do you put a capital "F" next to it?
What's SG
We have several leases, when they are set up in the chart of accounts, under Long Term Liability, do I enter the total amount of the lease after all payments are made? or just the original amount of the lease, without the interest?
What is the formula in finding the income?
What type of expense should staff farewell fall under?
How do I solve a risk and return equation?
What is the difference between keeping a cashbook and doing bookkeeping?
Can a gift be claimed as an expense in the P
What are the advantages of doing a break even analysis?
How do you find profit using the contribution method?
Where would cash received to clear supplier's debit balance be posted in the control account?
If you were an individual, would you prefer to receive a cash dividend, stock dividend, or stock split?
What is a credit note from a bank?
How do you create a ledger?
Is accumulated depreciation the same as provision for depreciation?
Is paying for an insurance policy accounts payable?
What is the revenue account used by a service company?
What are business activities?
How do you treat a depreciation on a balance sheet?
What's the difference between gross profit and operating profit?
What happens after all the closing entries have been posted to the general ledger?
Does net 15 days on an invoice mean business days or calendar days?
What is net liability?
How do you post a transaction which is paid in shares of the other company instead of cash?
What is the meaning of the accounting acronym BRS?
What's the difference between account payable and notes payable?
What is FTE?
What is carrying value?
What's the difference between a owner's statement and an income statement?
What is capital prepaid?
How do you calculate cash on hand? Does this calculation include total current assets?
How do you figure out what the credit sales were during a certain month?
What items are contingencies in accounting?
What is the difference between start-up cost and operating cost?
Is accounts payable a liability?
Why are cash flow statements considered to be an important part of business accounting information?
What is the difference between the cash flow and income statement?
What is capital expenditure?
What does cash credit mean?
What are some sources of government revenue?
What does it mean if on the bank statement it says: "R200 Favourable in bank account?"
What are monetary and non-monetary transactions?
What is the purpose of applying closing procedures at the end of each fiscal year?
What is an opening entry?
What does the symbol s/t mean?
How do taxable benefits work?
What is an accounting cycle?
What type of math is used in accounting?
Which side of the balance sheet is increased by the fee account?
What is the difference between gross profit and net profit?
What does a controller do?
How do you calculate absorption costing?
What is deferral and accrual?
What is the formula for calculating net income/loss using the accounting equation?
How would I account for a cash gift of $1,000?
Differentiate between break-even income calculations.
What is the contribution approach?
When would you use a contra account, and how would you do it?
Should one be excellent in mathematics to learn accounting?
How would I account for a payment from insurance? The payment is for damages to property.
Does a purchase go under real or nominal account?
Could somebody explain the High-Low method, please?
What are the different methods of depreciation?
Is a gift considered an expense in the Profit
How do I calculate the tax rate of tax on profit from continuing activities?
How do you figure out common shares that are outstanding for cash dividends?
How do I remove an old bill from the current year?
What is the average cost method?
How do you journalize a donation of services and/or products? I own a hair salon.
What is a repo rate?
How do you do a salaries journal?
What is stock turnover?
Is it really required that if I put something on Debit, I must also put the same thing in Credit?
What goes on a balance sheet?
How do you work out target contribution?
What is difference between trial balance and a balance sheet?
How to survive accounting?
What is the standard accounting entry created when voiding a check?
What is a payback period?
How do you calculate interest?
How do you correctly record an expense for which you have reserves set aside in your equity account? Can you post directly to the equity account or do you post as an expense? If posting as an expense is it included in you normal operating profit and loss report?
What is a bank debit memo?
What is operating cash flow?
What is the difference between a cashbook and a journal?
What are differences in operating expenses and total expenses?
Is depreciation included in operating expenses?
What ratios are impacted by the cash purchase of vehicles?
How do you calculate interest using the diminished balance method?
What is it called when we give a cash loan to employees with no interest?
How do I roll over a balance sheet at the end of the month?
Why do temporary accounts need to be closed at end of year?
What is a tax audit?
Would an Equity Line be equity or an asset?
What are the 3 steps of GL reconciliation?
When you credit common shares, what would you debit?
What is accumulated deficit?
If a business entity has not kept any formal accounting records, how will it start its formal accounting system? What are the steps?
What is the journal entry for issuing a donation in kind when the business is set up as a partnership?
Do stock splits bolster or hurt a company?
Why are interest charges not deducted when a project's cash flows for use in a capital budgeting analysis are calculated?
What is included in an annual turnover?
Why is accounting important?
Why would my receivables be a negative in my general ledger?
How do you record a returned check?
Where should accumulated depreciation be recorded?
Is issuing check to pay an invoice considered an expense or accounts payable?
What is the purpose of credit memorandums issued by the bank?
What is profit from operations?
What exactly is market value?
How do you calculate the weighted average cost of capital?
How do you account for an asset increasing in value without selling it?
Should credit memos be accrued?
Could you show me an example of a perpetual inventory system?
How do you calculate the gross annual income?
What is working capital?
How do you determine short-term and long term investments in order to get operating assets?
I am using an computerized accounting program.I posted to the wrong account I didn't catch it until after I posted it to pay. To correct the error I need to make two transactions--one to remove it from the wrong account and one to add it to the correct account, Is that correct?
How can the business make a profit but have an over draft?
How do I calculate credit sales on the income statement?
The balance sheet always shows fixed assets at their historical cost . Why is that?
Where do I record accumulated depreciation on sold assets?
How do I calculate the contribution margin?
Where would I record an advertisement we're running in a local newspaper?
What critical factors should I consider when preparing a budget for a start up company?
If I bill for a job, would that go under accounts payable?
How do I account for purchasing a domain name for a website?
What does a cashbook look like?
What is a deficiency account?
What is a good or safe range for a company's debt ratio (liab/assets)?
What is a cash to cash cycle?
How you describe funds you have received but you are holding to do a future transaction?
Why is the cost of debt always less than the cost of equity?
What is a cash receipt journal?
What does substantiation mean?
How can absorption costing be calculated?
How does negative gearing work in accounting?
What does 'Shares' come under?
Why is it that the depreciation expense will be deducted to net income in statement of cash flow?
In accounting, what is meant by the term "greenwashing?"
What are some critical factors to consider when preparing a startup budget?
What is difference between term bills and trust receipt?
When setting up a dividends account, what type of account is it if you are paying out a dividend?
How would you post in a cash receipts journal?
How do you calculate aging of a receivables account?
what is the difference between carrying value and fair value
How do you account for interest revenue?
Do you capitalize or expense incorporation costs?
if the operations are already entered into a general journal, why should we use a ledger?
We received a debit notice from the bank regarding chargeback on multiple processing (credit card) transactions, what should i do in my accounting system?
