0
Add your answer:
Earn +20 pts
Where to find the basics of accounting?
Accounting The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).From the large, multi-national corporation down to the family owned restaurant, every business transaction will have an effect on a company's financial position. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner's Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Equity The accounting equation for a corporation is:For more information please visit www.accountingchum.com
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
Is paying rent considered a liability?
If rent is payable then it is liability for business but if rent is already paid then it is not liability but it is expense.
How is a long term liability that is paid deducted from net income for the current year?
Long term liabilities do not get deducted from net income. Gross Income - Expenses = Net Income Net Income - Dividends = Retained Earnings. Paying a Long Term Liability has the following effects on the accounting equation. Decrease Assets (generally current as they are usually paid in cash) Decrease Liabilities (it's less you owe) Owners (stockholders) Equity is unchanged.
What does the concept of goodwill accounting involve?
The concept of goodwill accounting involves paying for an intangible service instead of tangible ones. An example of this is paying for a company's good reputation.
Where to find the basics of accounting?
Accounting The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).From the large, multi-national corporation down to the family owned restaurant, every business transaction will have an effect on a company's financial position. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner's Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Equity The accounting equation for a corporation is:For more information please visit www.accountingchum.com
How Do You Decrease A Liability Account?
By paying the liability in part or in full.
What is the highest paying business accounting job?
The highest paying job in accounting seems to be the Chief accounting officer, or the Chief Financial Officer. These jobs are available at a lot of accounting firms.
Is paying rent considered a liability?
If rent is payable then it is liability for business but if rent is already paid then it is not liability but it is expense.
How is a long term liability that is paid deducted from net income for the current year?
Long term liabilities do not get deducted from net income. Gross Income - Expenses = Net Income Net Income - Dividends = Retained Earnings. Paying a Long Term Liability has the following effects on the accounting equation. Decrease Assets (generally current as they are usually paid in cash) Decrease Liabilities (it's less you owe) Owners (stockholders) Equity is unchanged.
In terms of accounting what is a Paying in slip counterfoil?
i do not now
What does the concept of goodwill accounting involve?
The concept of goodwill accounting involves paying for an intangible service instead of tangible ones. An example of this is paying for a company's good reputation.
What are the best accounting jobs paying?
The best paying accounting jobs are the ones for very high earning companies where you are the COO. COO is the chief operating officer. This is a lucrative position.
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
Are bonds payable a current liability?
Yes bonds payable means liability..first of all wherever the word payable denotes for paying that shows liability
What will cause a decrease in one liability and an increase in another liability?
Paying off one loan by getting another loan will decrease one liability and increase another.
Mortgage payable is a current liability?
No, although Mortgage Payable would be a liability a mortgage is generally not a payable that could or would be paid off in less than one year or one accounting cycle. Current liability refers to just that, a liability that will be paid off in one year or less, while a Long-term liability takes longer, such as a mortgage payable. More commonly referred to as a "note payable" a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to "purchase" their building or land. The property itself that the mortgage is on of course is the asset.
