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Does withdrawals by the owner decrease owners equity?
Withdrawals and expenses are taking away profit/revenue for the company, therefore, not improving it so it decreases owner's equity. Th.
Is accumulated depreciation a real or temporary account and why?
It's a real account. Easy way to remember it is by remembering the accounting formula. Assets= Liabilities+ Capital- Withdrawals+ Revenue- Expenses Withdrawals, Revenue and Expenses are temporary and get closed at the end of the accounting cycle. Since Accumulated Depreciation falls under the Assets account and is a contra asset
Is revenue part of an income statement?
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
How do you monitor and control actual expenses and revenue against projected expenses and revenue?
how to monitor and control expenses against budget/
What is the importance of revenue to a business?
revenue is what pays the expenses of running the business and hopefully you can even make enough revenue above expenses to make a profit
Does withdrawals by the owner decrease owners equity?
Withdrawals and expenses are taking away profit/revenue for the company, therefore, not improving it so it decreases owner's equity. Th.
Is accumulated depreciation a real or temporary account and why?
It's a real account. Easy way to remember it is by remembering the accounting formula. Assets= Liabilities+ Capital- Withdrawals+ Revenue- Expenses Withdrawals, Revenue and Expenses are temporary and get closed at the end of the accounting cycle. Since Accumulated Depreciation falls under the Assets account and is a contra asset
Is revenue part of an income statement?
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
Can preliminary expenses be included in deferred revenue expenditure?
yes it is a part of deffered revenue exp
How do you monitor and control actual expenses and revenue against projected expenses and revenue?
how to monitor and control expenses against budget/
What is the importance of revenue to a business?
revenue is what pays the expenses of running the business and hopefully you can even make enough revenue above expenses to make a profit
What is the meaning of revenue expenses in financial accounting?
Revenue expenses are those expenses which are incurred for every fiscal year to earn revenue for specific fiscal year and are recurring nature like salaries etc.
Does net loss occurs when expenses are less than revenue?
Net Income : When Revenue is greater than Expenses. Net loss : When Expenses are greater than Revenue. References : Basic Accounting (111) Book .
What is the term used to describe the difference between revenue and expenses?
Revenue is the amount of money a business/person makes as a whole. Expenses are things that a business/person has to pay for with their revenue such as utilities that a business uses. What's left over from the revenue after the expenses are paid for is profit.
What is Revenue Deficit?
When the money coming in (revenue) is not enough to cover expenses.
Definition of net income?
The amount by which revenue exceeds expenses. If expenses exceed revenue it is a net loss.
What is the revenue-net income?
Net income equals revenue minus expenses minus taxes So, revenue minus net income equals expenses plus taxes
