How do you prorate annual depreciation?
This method involves multiplying the original asset cost by the depreciation rate every year in which it is owned. This calculates the depreciation that c...
Category: Updates
What is taxable basis?
Basis is generally the amount of your capital investment in property for tax purposes. Use your basis to figure depreciation, amortization, depletion, cas...
Is a staff accountant an accountant?
Staff accountants usually work in an accounting department within a corporation or firm. While most find work in the financial industry, many pursue roles...
Is crockery an asset?
Is crockery a fixed asset? Crockery is purchased to give an enduring benefit to the hotel till its life time. It is re-reused and its benefits last till i...
Is there a minimum income to receive a w2?
How Much Money Do You Need to Make to Get a W-2? In general, you will receive a W-2 from an employer if you earned at least $600 in a given year. You will...
Why is the Feast of the Assumption on August 15?
On August 15, Catholics worldwide mark the Virgin Mary being brought into heaven with a feast, known as the Feast of the Assumption. John of Damascus wrot...
Why is ledger scrutiny done?
Ledger scrutiny is part of audit procedures, like vouching, posting etc. The scrutiny is required in all type of audit whether the same is Internal Audit,...
Why the sales ledger control account has a credit balance?
Balance in sales ledger control account is the balance of debtors at the year end and balance in purchases ledger control account is balance of creditors....
What does mean by total equity?
In essence, total equity is the amount invested in a company by investors in exchange for stock, plus all subsequent earnings of the business, minus all s...
Where did the term audit come from?
The word “audit” derives from the Latin word audire which means “to hear”. What is meant by term audit? Definition: Audit is the examination or inspection...
