What is the meaning physical inventory?
: an actual count of all stock or equipment or both of a manufacturing or mercantile concern —distinguished from book inventory. What is the purpose of a ...
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Which intangible asset is recorded only when an acquiring company purchases another company?
Goodwill Goodwill is an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is the portion of the purc...
What is legal entity in ERP?
Based on these treatments, a legal entity can specify actions such how to report on recognized revenue or how to credit and debit different general ledger...
Is 10% down on a home good?
It is absolutely ok to put 10 percent down on a house. In fact, first-time buyers put down only 6 percent on average. Just note that with 10 percent down,...
What does the budget of the planning process encompass?
Planning is often the first step in setting up a company. Budgeting documents how the overall plan will be executed month to month and typically includes ...
How can I start a small chit fund business?
Let us understand the complete procedure in the following steps: Apply for Digital Signature and DIN numbers. Apply for Name approval of Chit Fund Company...
How many types of account entry are there?
What is Accounting Entry? An accounting entry is the formal recording of all the transaction in the books of accounts of the company where the debit and c...
When you subtract operating expenses from the gross profit you have?
When you subtract operating expenses from the gross profit, that number is the operating income. It is usually a much lower number than gross profit becau...
What is profit and loss account on balance sheet?
The profit and loss (P&L) account summarises a business’ trading transactions – income, sales and expenditure – and the resulting profit or loss for a...
When the owner of a business takes goods from inventory for his own personal use which of the following accounting principles should be considered?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use? Sales revenue should be reco...
