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Recent questions

+1 vote
1 answer
What is the difference between a bookkeeper and an accountant?
posted Jun 30, 2017 by Pratiksha Shetty
  • difference
+1 vote
1 answer
What is the difference between entries in a general journal versus a general ledger?
posted Jun 30, 2017 by Pratiksha Shetty
  • difference
  • entries
+1 vote
1 answer
Is the installation labor for a new asset expended or included in the cost of the asset?
posted Jun 30, 2017 by Pratiksha Shetty
  • assets
+1 vote
1 answer
What is the difference between paid-in capital and retained earnings?
posted Jun 30, 2017 by Pratiksha Shetty
  • difference
+1 vote
1 answer
Which accounts get closed at the end of a fiscal year?
posted Jun 30, 2017 by Ritika Sharma
  • accounts
+1 vote
1 answer
What is the difference between interest expense and interest payable?
posted Jun 30, 2017 by Ritika Sharma
  • interest
  • accounts
+1 vote
1 answer
What are some reasons that cause the balance on the bank statement to differ from the cash balance on the books?
posted Jun 30, 2017 by Ritika Sharma
  • accounting
  • bank
  • balance sheet
+1 vote
1 answer
Is a loan's principal payment included on the income statement?
posted Jun 30, 2017 by Ritika Sharma
  • income statement
  • loan
+1 vote
1 answer
What is the role of a company's controller?
posted Jun 30, 2017 by Ritika Sharma
  • company
  • controller
+1 vote
1 answer
How do I record a loan payment which includes paying both interest and principal?
posted Jun 30, 2017 by Ritika Sharma
  • bank
  • loan
+1 vote
1 answer
Where does revenue received in advance go on a balance sheet?
posted Jun 30, 2017 by Ritika Sharma
  • accounting
  • balance sheet
  • advance revenue
+1 vote
1 answer
What is the difference between periodic and perpetual inventory systems?
posted Jun 30, 2017 by Ananya Saha
  • accounting
  • inventory
+1 vote
1 answer
Why and how do you adjust the inventory account in the periodic method?
posted Jun 30, 2017 by Ananya Saha
  • accounts
  • inventory
+1 vote
1 answer
What is the difference between an invoice and a voucher?
posted Jun 30, 2017 by Ananya Saha
  • accounts
  • difference
+1 vote
1 answer
What is the difference between accounts payable and accrued expenses payable?
posted Jun 30, 2017 by Ananya Saha
  • accounting
  • accounts
+1 vote
1 answer
When do you put parentheses ( ) around a number in accounts?
posted Jun 30, 2017 by Ananya Saha
  • accounts
+1 vote
1 answer
What are accrued expenses and when are they recorded?
posted Jun 30, 2017 by Ananya Saha
  • accounting
  • expenses
+1 vote
1 answer
What is the significance of FOB Shipping Point and FOB Destination?
posted Jun 30, 2017 by Ananya Saha
  • fob
+1 vote
1 answer
In adjusting entries, how do I know which T-accounts to use?
posted Jun 30, 2017 by Deepak Jangid
  • accounting
  • entries
+1 vote
1 answer
What is the proper use of the words lend and borrow?
posted Jun 30, 2017 by Deepak Jangid
  • accounting
+1 vote
0 answers
Should a retailer's delivery surcharges be reported as revenues or as other income as per Indian law?
posted Jun 30, 2017 by Deepak Jangid
  • accounts
  • india
+1 vote
1 answer
What is the difference between stockholder and shareholder?
posted Jun 30, 2017 by Deepak Jangid
  • difference
  • stockholder
  • shareholder
+1 vote
1 answer
Will every transaction affect an income statement account and a balance sheet account?
posted Jun 30, 2017 by Deepak Jangid
  • accounting
+1 vote
1 answer
In what order are liabilities listed in the chart of accounts?
posted Jun 30, 2017 by Deepak Jangid
  • accounting
+1 vote
1 answer
Is there a difference between the accounts Purchases and Inventory?
posted Jun 30, 2017 by Diya Borda
  • accounting
  • difference
  • inventory
+1 vote
1 answer
What is the difference between a deferred expense and a prepaid expense?
posted Jun 30, 2017 by Diya Borda
  • difference
+1 vote
1 answer
What is the difference between receivables and accounts receivable?
posted Jun 30, 2017 by Diya Borda
  • accounting
+1 vote
1 answer
What is the difference between par and no par value stock?
posted Jun 30, 2017 by Diya Borda
  • stock
+1 vote
1 answer
Why is Accumulated Depreciation an asset account?
posted Jun 30, 2017 by Diya Borda
  • accounting
  • assets
  • accounts
+1 vote
1 answer
What is the difference between Notes Payable and Accounts Payable?
posted Jun 30, 2017 by Diya Borda
  • accounting
  • difference
+1 vote
1 answer
What is the entry for an employee's personal phone calls included in the company's bill?
posted Jun 29, 2017 by Kavana Gowda
  • accounting
  • entries
+1 vote
1 answer
Why doesn't the balance sheet equal the post-closing trial balance?
posted Jun 29, 2017 by Kavana Gowda
  • accounting
+1 vote
1 answer
Why does a company debit Purchases instead of Inventory?
posted Jun 29, 2017 by Kavana Gowda
  • company
  • accounting
  • inventory
+1 vote
1 answer
What is the difference between an Adjunct account and a Contra account?
posted Jun 29, 2017 by Reshmi S
  • difference
  • accounts
+1 vote
1 answer
How do I record money received for an insurance claim on inventory loss?
posted Jun 29, 2017 by Reshmi S
  • accounting
  • inventory
+1 vote
1 answer
What is the entry for the down payment from a signed contract?
posted Jun 29, 2017 by Reshmi S
  • accounting
  • entries
+1 vote
1 answer
Is contributed capital a noncurrent asset or a current asset, and is it a debit or credit?
posted Jun 29, 2017 by Reshmi S
  • capital
  • assets
  • accounting
+1 vote
1 answer
How does the accounting equation stay in balance when the monthly rent is paid?
posted Jun 29, 2017 by Reshmi S
  • accounting
+1 vote
1 answer
Will every transaction affect an income statement account and a balance sheet account?
posted Jun 29, 2017 by Reshmi S
  • accounting
+1 vote
1 answer
What are the accounting entries for a fully depreciated car?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
  • entries
+1 vote
1 answer
Why is Rent Expense a debit and Service Revenues a credit?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
+1 vote
1 answer
What is the difference between adjusting entries and correcting entries?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
  • entries
+1 vote
1 answer
Why would a balance sheet list current liabilities as negative amounts?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
+1 vote
1 answer
What is the entry to remove equipment that is sold before it is fully depreciated?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
  • entries
+1 vote
1 answer
Where in the chart of accounts is a suspense account located?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
+1 vote
1 answer
Why are assets and expenses increased with a debit?
posted Jun 29, 2017 by Prajwal C.m.
  • accounting
  • assets
+1 vote
1 answer
What is the difference between a ledger and a trial balance?
posted Jun 29, 2017 by Debolina Charaborthy
  • difference
  • accounting
+1 vote
1 answer
What is the difference between a Nominal account and a Real account?
posted Jun 29, 2017 by Debolina Charaborthy
  • difference
  • accounts
+1 vote
1 answer
What to do with the balance in Allowance for Doubtful Accounts?
posted Jun 29, 2017 by Debolina Charaborthy
  • accounting
+1 vote
1 answer
How do I record an advance to an employee and the deduction?
posted Jun 29, 2017 by Debolina Charaborthy
  • accounting
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