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Recent questions

+1 vote
1 answer
What is the entry when a company lends money to an employee?
posted Jun 22, 2017 by Shamita
  • accounting
+1 vote
1 answer
Is contributed capital a noncurrent asset or a current asset, and is it a debit or credit?
posted Jun 22, 2017 by Shamita
  • accounting
  • assets
+1 vote
1 answer
Why is the accuracy of inventory valuation so important?
posted Jun 22, 2017 by Shamita
  • accounting
  • inventory
+1 vote
1 answer
What is the difference between reserve and allowance?
posted Jun 22, 2017 by Shamita
  • accounting
  • difference
+1 vote
1 answer
Why is the distinction between product costs and period costs important?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
Why is the P&L profit entered on the credit side of the balance sheet?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is the difference between unearned revenue and unrecorded revenue?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is the advantage of using historical cost on the balance sheet for property, plant and equipment?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
2 answers
What is the accounting entry to close the sole proprietorship drawing account?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is the difference between fixed assets and noncurrent assets?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is an unpresented cheque or check and does it require an adjustment to the balance sheet?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
If inventory is understated at the end of the year, what is the effect on net income?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is the difference between revenues and earnings?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
Does sales commission get reported in the income statement?
posted Jun 22, 2017 by Chetan Hindu
  • accounting
+1 vote
1 answer
What is the difference between depreciation expense and accumulated depreciation?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
Why is there a difference in the amounts for Bad Debts Expense and Allowance for Doubtful Accounts?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
Where does the purchase of equipment show up on a profit and loss statement?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
When should costs be expensed and when should costs be capitalized?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
What is the difference between a debit and a debit balance?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
What are the accounting principles, assumptions, and concepts?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
What is the difference between gross profit and net profit?
posted Jun 22, 2017 by Anushka
  • accounting
+1 vote
1 answer
What is reported as property, plant and equipment?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
+1 vote
1 answer
What are operating expenses and non operating expenses?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
+1 vote
1 answer
What is the difference between revenue, income, and gain?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
+1 vote
1 answer
What is the difference between a cost and an expense?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
  • difference
+1 vote
1 answer
What is the difference between a trial balance and a balance sheet?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
  • difference
+1 vote
1 answer
Why is depreciation on the income statement different from the depreciation on the balance sheet?
posted Jun 22, 2017 by Anurag Kashyap
  • accounting
+1 vote
1 answer
What is the difference between stocks and bonds?
posted Jun 22, 2017 by Sagar Sharma
  • difference
  • stock
  • bonds
+1 vote
1 answer
What is the purpose of control accounts?
posted Jun 22, 2017 by Sagar Sharma
  • accounting
+1 vote
1 answer
What is meant by reconciling an account?
posted Jun 22, 2017 by Adarsh
  • accounting
+1 vote
1 answer
What is the difference between an implicit cost and an explicit cost?
posted Jun 22, 2017 by Adarsh
  • accounting
+1 vote
1 answer
What is the difference between product costs and period costs?
posted Jun 22, 2017 by Adarsh
  • accounting
+1 vote
1 answer
What is the difference between financial accounting and management accounting?
posted Jun 22, 2017 by Adarsh
  • accounting
  • difference
+1 vote
1 answer
How do I calculate the amount of sales tax that is included in total receipts?
posted Jun 22, 2017 by Adarsh
  • accounting
  • sales tax
+1 vote
1 answer
What is the distinction between debtor and creditor?
posted Jun 22, 2017 by Adarsh
  • accounting
+1 vote
1 answer
What is the difference between the cash basis and the accrual basis of accounting?
posted Jun 22, 2017 by Adarsh
  • accounting
+1 vote
1 answer
What is the difference between accounts payable and accounts receivable?
posted Jun 22, 2017 by Shubham Rajput
  • accounting
+1 vote
1 answer
What is Capability Maturity Model Integration (CMMI)?
posted Jun 22, 2017 by Shubham Rajput
  • cost accounting
+1 vote
1 answer
What is Capability Maturity Model (CMM)?
posted Jun 22, 2017 by Shubham Rajput
  • cost accounting
+1 vote
1 answer
What is BEP in Cost Accounting?
posted Jun 22, 2017 by Shubham Rajput
  • cost accounting
+1 vote
1 answer
What is the difference between Expenses and Expenditure?
posted Jun 22, 2017 by Shubham Rajput
  • cost accounting
+1 vote
1 answer
What are fixed costs?
posted Jun 22, 2017 by Shubham Rajput
  • fixed cost
+1 vote
1 answer
What is the difference between cost accounting and financial accounting?
posted Jun 22, 2017 by Shubham Rajput
  • cost accounting
+1 vote
1 answer
What will happen if the taxpayer does not give consideration to the supplier?
posted Jun 22, 2017 by Anita Yadav
  • gst
+1 vote
1 answer
In GST on which goods and services ITC is not available?
posted Jun 22, 2017 by Anita Yadav
  • gst
  • itc
+1 vote
1 answer
Sometimes goods are destroyed or lost due to various reasons? Can a person take ITC to the extent of such goods?
posted Jun 22, 2017 by Anita Yadav
  • gst
  • itc
+1 vote
1 answer
What are the conditions necessary for obtaining ITC?
posted Jun 22, 2017 by Anita Yadav
  • gst
  • itc
+1 vote
1 answer
What is input tax?
posted Jun 22, 2017 by Anita Yadav
  • gst
  • tax
+1 vote
1 answer
What are the provisions of ITC for taxpayer in GST?
posted Jun 22, 2017 by Anita Yadav
  • gst
+1 vote
1 answer
What is BEP?
posted Jun 21, 2017 by Vijay
  • cost accounting
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