What is the meaning of debit and credit note?
A debit note and credit note are issued when the goods are returned by a customer to the supplier or seller of those goods. A debit note is issued to the ...
Category: Updates
Is cost of sales same as sales?
Companies will often list on their balance sheets cost of goods sold (COGS) or cost of sales (and sometimes both), leading to confusion about what the two...
Does sales discount have a normal credit balance?
Account Type Revenue accounts typically have normal credit balances (credit to increase, debit to decrease) but Sales Discounts and Sales Returns and Allo...
What is additional paid in capital on the balance sheet?
Additional Paid In Capital (APIC) is the value of share capital above its stated par value and is an accounting item under Shareholders’ Equity on the bal...
What industries are growing and declining?
Industries with the fastest growing and most rapidly declining output Industry Description Sector Change 2019 – 2029 Oil and gas extraction Mining 185.3 C...
How long are accounting periods?
12 months In financial accounting the accounting period is determined by regulation and is usually 12 months. The beginning of the accounting period diffe...
Is it illegal to print money?
Counterfeiting U.S. currency is a federal crime. This shouldn’t come as a surprise to anyone. Manufacturing counterfeit United States currency violates Ti...
What is the net income approach?
Net Income Approach suggests that value of the firm can be increased by decreasing the overall cost of capital (WACC) through higher debt proportion. Capi...
Is an invoice number necessary?
Invoices do need an invoice number. Often clients will reject invoices that do not provide one, because it makes it impossible or difficult to track payme...
Is Cost Accounting harder than managerial accounting?
Is Financial Accounting harder than managerial? Cost was more algebra based, and financial was more following very specific rules. I found financial harde...
