Making small talk is a way to start a conversation with a stranger when meeting for the first time. It isn't easy to make small talk with people. You don't know. Sitting by yourself and saying nothing at a party is rude. Making small talk is necessary to build business relations. Mak...
Definition:The income statement also called a profit and loss statement is a report made by company management that shows the revenue, expenses, and net income or loss for a period. The income statement is one of the main fourfinancial statementsthat are issued by companies:balance sheet, incom...
What is the definition of income?The accounting profession is similar to other professions where words have many different meanings depending on the context. Income is used in the accounting profession to mean several different things. One meaning of income refers to revenue or sales.Revenueis the...
Define the following: Gross income. What does double taxation of corporate income mean? What is meant by residual income? Explain input and output tax. What is input tax? A firm's net income before tax, EBT (NIBT) (on the income statement) is affected by what?
Answer to: (a) What is meant by the dual-track approach of accounting for the government-wide level besides the fund level? (b) How does it compare...
All these income statement terms mean the same thing, and it's often used interchangeably. However, the Profit and Loss Statement is still the most popular term used by most financial professionals. Do you wish to find out more about the income statement? Check it out here to find out how...
What does the term "overstated" mean in accounting? What does bookkeeper mean? What do you understand by the term overstated in accounting? Define principles of accounting. For accounting and financial reporting, what does it mean to say that an item of income or expense is "material"? Explai...
Reconciling an account is likely to mean proving or documenting that an account balance is correct. Examples of Reconciling an Account When a company reconciles its bank statement, it is reconciling the balance in its general ledger account Cash (or Cash: Checking Account) with the bank’s info...
14. What does the underlined part “filter out” in paragraph 1 mean? A. Appear or happen gradually. B. Remove something particular. C. Bring something into existence. D. Tell something apart from others. 15. What is DES likely caused by? A. The blinding sun light. B. Unfit and cheap...
What Is a Material Misrepresentation? A material misrepresentation is a promise, false statement, or omission of facts that would cause another party to act differently if the whole truth were known. An example of a material misrepresentation is incorrectly stating one's income on a mortgage applic...