21⟩ What is company's payable cycle?
It is the time required by the company to pay all its account payables.
“Accountant based job preparation guide for freshers and experienced candidates. Number of Accountant frequently asked questions(FAQs) asked in many interviews”
It is the time required by the company to pay all its account payables.
Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier.
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.
There are three branches of accounting named as:
☛ Financial Accounting
☛ Management Accounting
☛ Cost Accounting
Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports.
Project implementation involves six steps in total such as:
☛ Identify Need
☛ Generate and Screen Ideas
☛ Conduct Feasible Study
☛ Develop the Project
☛ Implement the Project
☛ Control the Project
Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
A reconciliation statement is prepared when the passbook balance differs from the cashbook balance
It is a type of accounting that is specifically designed for the business that offers services to users.
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
Assets = Liabilities + Owners Equity.
Public accounting offers audits and CPA's to review company financial records to ensure accountability. It is for general public.
It is the abbreviation of Institute of Chartered Accountants in India.
Premises refer to fixed assets that are shown in the balance sheet.
In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
It is the software used for accounting in small business and shops for managing routine accounting transactions.