In accounting, how do you account for contingencies? What is an income summary account and the purpose? What do you understand by payroll accruals? Explain what accounts are credited when goods are sold on an account. What is the difference between a T account and a Trial balance?
What is a single step income statement in accounting? How do you calculate accrual basis net income? What is an example of a reversing accrual? Explain what is meant by cash accounting and accrual accounting and outline the fundamental differences between each method. ...
Part (b) of the question required a calculation of the company’s corporation tax liability for the first 12 month accounting period. This meant taking into account relief for available losses, including group relief. This section was often not well answered, with very few candidates appreciating ...
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While comparable to other resume forms, functional resumes differ in key areas. Most of the information is devoted to the skills area, which breaks down your career achievements into categories based on talents. 3. Focused Resume A resume that is specifically written or created for a particular ...
Accruals:How should they be calculated, and when should they be submitted? Budgeting:Do you want your law firms to submit budgets and forecasts? If so, how often and in what format? Work with finance and accounting to determine processes that will make their jobs easier. When the legal depa...
What is meant by segregation of duties in accounting? Duties: Duties are obligations or responsibilities that one must carry out. These tasks are often assigned and are expected to be completed. For instance, every citizen has a duty (responsibility) to abide by the law. ...
What is meant by Mutual Agency? What are accruals? What do you understand by byproducts? Explain what solvency is. What is the definition of attestation engagement? Explain what is meant by the term CAFR. Briefly discuss the what is included in a CAFR and the accounting treatment. ...
GAAP is one of the first concepts that an accountant will learn when going to school to become an accountant. The Securities and Exchange Commission (SEC) has put the Financial Accounting Standards Board (FASB) in charge of creating GAAP....
It might seem odd to add back depreciation/amortization since it accounts for capital spending. The reasoning behind the adjustment is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes FCF a useful instrument for identifyi...