The four phases of accounting are: Identifying: Recognizing and analyzing financial transactions and events that need to be recorded. Recording: Systematical
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Salary and Pay Rates
+2
How should you pay commissions based on piecework?
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When paying commissions based on piecework, establish a clear rate per unit produced or task completed, ensuring it aligns with overall compensation goals and i
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Financial Statements
What is admissible statement?
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An admissible statement refers to a declaration or assertion that can be considered valid and acceptable within a specific context, such as legal proceedings or
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Business Accounting and Bookkeeping
+1
Where does repairs and maintenance go on the balance sheet?
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Repairs and maintenance expenses are typically recorded on the income statement rather than the balance sheet. However, if the repairs enhance the value or exte
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Business Accounting and Bookkeeping
+2
Is it ethical to reclassify period cost to product cost?
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Reclassifying period costs to product costs is generally considered unethical as it distorts financial reporting and can mislead stakeholders about a company's
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Financial Statements
What is a so what statement?
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A "so what" statement is a concise expression that highlights the significance or implications of an idea, finding, or argument. It answers the questi
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Relationships
+1
What is the meaning of financial dependent?
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A financial dependent is an individual who relies on another person, typically a family member or partner, for financial support. This support can cover basic l
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Business Finance
+2
Will a firm avoid any cash shortage if the sales revenue exceed all costs?
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While exceeding sales revenue over costs is a positive indicator of profitability, it does not guarantee that a firm will avoid cash shortages. Cash flow issues
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Business Accounting and Bookkeeping
+1
What is most desirable to happen to the capital account at the end of the fiscal period?
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At the end of the fiscal period, it is most desirable for the capital account to show a positive balance, indicating that the business has effectively increased
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Financial Statements
What are elements of comprehensive income?
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Comprehensive income includes all changes in equity during a period, except those resulting from investments by owners or https://muavaicaynamhai.blogspot.com/ distributions to owners. It encompasse
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Business Accounting and Bookkeeping
+2
Why does an auditors report refer to IFRS and the companies act?
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An auditor's report refers to IFRS (International Financial Reporting Standards) and the Companies Act to indicate the framework and regulations under which the
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Business Accounting and Bookkeeping
+1
What is primary cash flow and secondary cash flow?
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Primary cash flow refers to the cash generated or used in the main operating activities of a business, such as revenue from sales and payments to suppliers. Sec
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Financial Statements
What is a Statement of attainment?
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A Statement of Attainment is an official document issued by a registered training organization in Australia, confirming that an individual has successfully comp
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Financial Statements
What are disposal loss?
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Disposal loss refers to the financial loss incurred when an asset is disposed of, typically through sale, scrapping, or abandonment, and the proceeds received a
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Business Accounting and Bookkeeping
+1
What is a depreciation on fixed assets?
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Depreciation on fixed assets refers to the systematic allocation of the cost of a tangible asset over its useful life. This accounting method reflects the wear
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Financial Statements
In a company's set of financial statement the AP department appears on which?
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The Accounts Payable (AP) department is primarily reflected in a company's balance sheet, where it appears as a liability under current liabilities. This sectio
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Financial Statements
Collect financial statement of company?
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To collect financial statements of a company, you can start by visiting the company's official website, typically in the "Investor Relations" section,
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Business Accounting and Bookkeeping
+1
What is the Discounted Cash Flow solution for the compass records case study?
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The Discounted Cash Flow (DCF) solution for the Compass Records case study involves estimating the future cash flows generated by the company and discounting th
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Financial Statements
Where does owner capital appear on financial statement?
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Owner capital appears on the balance sheet under the equity section. It represents the owner's investment in the business and is reflected as "Owner's Equi
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Financial Statements
How are conjectures and statements different'?
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Conjectures and statements differ primarily in their nature and certainty. A statement is a declarative sentence that can be classified as true or false, while
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Investing and Financial Markets
+2
What is investment trading?
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Investment trading refers to the buying and selling of financial instruments, such as stocks, bonds, commodities, and currencies, with the goal of generating pr
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Financial Statements
What is an inoperative statement?
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An inoperative statement is a declaration or assertion that lacks practical effect or fails to produce the intended results. It may be due to ambiguity, contrad
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Business Accounting and Bookkeeping
+1
The primary purpose of the statement of cash flows is to provide information about?
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The primary purpose of the statement of cash flows is to provide information about a company's cash inflows and outflows over a specific period. It helps stakeh
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Financial Statements
What financial statement shows investments and withdrawals by the owner as well as profit or loss generated by the business?
Asked by Anonymous
The financial statement that shows investments and withdrawals by the owner, along with the profit or loss generated by the business, is the Statement of Owner'
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Financial Statements
What do the breakeven analysis show?
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Breakeven analysis shows the point at which total revenues equal total costs, resulting in neither profit nor loss. This analysis helps businesses determine the
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