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Goods should be included in inventory if they are owned by the business, are intended for sale or production, and are available for sale at the time of assessme
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Business Accounting and Bookkeeping









What should a checkbook balance be if there are outstanding checks that total 234.56 an ending balance of 508.50 and outstanding deposits of 57.50?


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To determine the adjusted checkbook balance, subtract the total of outstanding checks from the ending balance and add any outstanding deposits. Starting with an
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Business Accounting and Bookkeeping



+1









What is a personal journal entry?


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A personal journal entry is a written reflection in which an individual records their thoughts, feelings, experiences, and observations. It often serves as a pr
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Business Accounting and Bookkeeping









What is. Does ACCA in accounting mean?


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ACCA stands for the Association of Chartered Certified Accountants, a global professional accounting body based in the UK. It offers the Chartered Certified Acc
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Business Accounting and Bookkeeping









What methods used to allocate support costs?


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Support costs can be allocated using various methods, including direct allocation, where costs are assigned based on actual usage or benefit received by each de
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Business Accounting and Bookkeeping









Assets normally show?


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Assets normally show the resources owned by a company or individual that have economic value and can provide future benefits. They are classified into categorie
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Business Accounting and Bookkeeping









What is a gross expenditure?


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Gross expenditure refers to the total amount of money spent on goods, services, or investments before any deductions or adjustments, such as taxes or discounts.
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Business Accounting and Bookkeeping









What is an example of a cost estimating technique that would be used when producing a summary cost estimate?


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One example of a cost estimating technique used for producing a summary cost estimate is the "analogous estimating" method. This technique involves us
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Business Accounting and Bookkeeping









How does opening and closing stock affect gross profit?


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Opening and closing stock directly impact gross profit by influencing the cost of goods sold (COGS). The formula for COGS is: Opening Stock + Purchases - Closin
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Business Accounting and Bookkeeping









How can a firm employ bootstrap financing to stretch its current capital supply?


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A firm can employ bootstrap financing by utilizing creative strategies to minimize expenses and maximize cash flow without relying on external funding. This may
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Business Accounting and Bookkeeping









What is an expenditure profile?


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An expenditure profile is a detailed breakdown of how an entity, such as a household, business, or government, allocates its spending over a specific period. It
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Business Accounting and Bookkeeping









Can a sole proprietor use his business income as his personal income on a schedule c when filing his taxes?


Asked by Anonymous



Yes, a sole proprietor can report business income as personal income on Schedule C when filing taxes. The income generated by the business is considered persona
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Business Accounting and Bookkeeping









List down the substansive tests that can be taken to audit petty cash?


Asked by Anonymous



Substantive tests for auditing petty cash typically include reviewing the petty cash ledger for accuracy and completeness, conducting surprise cash counts to ve
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Business Accounting and Bookkeeping









What is variable rent?


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Variable rent refers to a rental agreement where the rent amount can change over time based on specific factors, such as changes in market conditions, property
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Business Accounting and Bookkeeping









Why are delays and incorrect orders viewed as agency costs?


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Delays and incorrect orders are viewed as agency costs because they represent inefficiencies that arise when the interests of the parties involved—typically the
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Business Accounting and Bookkeeping









How do you calculate the net Social Accounts net benefit?


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Net social benefit is calculated by subtracting the total social costs from the total social benefits of a project or policy. To determine this, first, quantify
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Business Accounting and Bookkeeping









What qualifications do auditors have?


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Auditors typically hold a bachelor's degree in accounting, finance, or a related field, and many obtain professional certifications such as Certified Public Acc
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Business Accounting and Bookkeeping









How do you calculate gross Capital formation?


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Gross Capital Formation (GCF) is calculated by summing up the total investments made in fixed assets (such as buildings, machinery, and infrastructure) and chan
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Business Accounting and Bookkeeping









Why must you collate and analyze cash and credit source documents?


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Collating and analyzing cash and credit source documents is essential for maintaining accurate financial records and ensuring transparency in financial transact
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Business Accounting and Bookkeeping









Is it a good idea to continue with a cash ISA if there is better interest available elsewhere?


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If there are better interest rates available elsewhere, it may be worth considering alternatives to a cash ISA, especially if your savings goals allow for it. H
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Business Accounting and Bookkeeping



+2









How often do you do a profit and loss statement?


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A profit and loss statement is typically prepared on a monthly basis to provide a clear view of a business's financial performance over time. Some businesses ma
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Business Accounting and Bookkeeping



+1









What kind of statement shows how changes and balance sheets and income accounts affect cash and cash equivalents?


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A cash flow statement illustrates how changes in balance sheet accounts and income statement items impact cash and cash equivalents. It categorizes cash flows i
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Business Accounting and Bookkeeping









How do you do the accounting for accrual director fees?


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To account for accrual director fees, first, determine the amount owed for services rendered by directors within the accounting period, regardless of when the p
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Business Accounting and Bookkeeping









Are liabilities withdrawals?


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No, liabilities are not withdrawals. Liabilities refer to a company's financial obligations or debts that it owes to outside parties, such as loans, accounts pa
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Business Accounting and Bookkeeping









What does a credit balance in goodwill account mean?


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A credit balance in a goodwill account typically indicates that the goodwill has been impaired or is being amortized, leading to a reduction in its value. This
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