Report for waste disposal, accounting, and accounting1. If it was scraps from the company's products:
- Borrow: cash (bank deposit)
- Credits: Other business income
- Credits: Taxes to be paid-Value Added tax (It may also be business tax, depending on the situation of the enterprise)
2. If it was to deal with waste newspapers:
- Borrow: cash or bank account
- Credits: Non-operating income-income from disposal of current assets
3. If the company scrapped or sold its own used fixed assets:
- First, he transferred the disposed fixed assets to the clean-up:
- Borrowing: Fixed assets clearance, accumulated depreciations
- Fixed assets.
- When cleaning costs are incurred:
- Fixed assets clearance
- Credits: Bank deposits.
- Disposed income:
- Borrowing: Bank deposits and other related subjects
- Credits: Fixed assets clearance, taxes payable-value-added tax (output tax).
- Net profit and loss:
- If it was a net profit:
- Fixed assets clearance
- Credits: Non-operating income.
- If it was a net loss:
- Borrowing: Non-operating expenses
- Fixed assets disposal.
4. For the sale of production waste:
- Scrap stored in warehouse, used as raw material increase, offset production cost:
- Borrow: raw materials-waste
- Borrowing: Production cost (red).
- For the sale and disposal of waste materials and other business income, the corresponding taxes that should be paid should be calculated:
- Borrow: cash or bank account
- Credits: taxes and fees payable-value-added tax payable-off, other business income.
- Carried-forward Scrap Cost:
- Borrowing: Other business costs
- Credits: raw materials-waste, taxes-value-added tax (output tax).
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What are some popular accounting novels?2 answers
2024-12-06 13:27
Well, 'Double Entry: How the Merchants of Venice Created Modern Finance' is a great accounting novel. It gives a historical perspective on accounting. Also, 'Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports' can be considered in a way as it uses case - based stories related to accounting. 'Accounting for Growth: Stripping the Camouflage from Company Accounts' is another one that is quite well - known for its in - depth look at accounting practices.
financial accountingFinancial accounting was an important part of the financial management of an enterprise, and could be completed with the help of financial accounting software.
Financial accounting software could help with the accounting and accounting standards, promote financial management and even business management standards, and improve the management level and efficiency of enterprises. At the same time, it could improve the efficiency of accounting work, reduce the intensity of accounting personnel's accounting processing work, reduce work errors, and facilitate accounting inquiry.
For example, there were some excel automatic accounting management systems that could automatically generate reports by entering data. Yongyou Changjie was simple to operate, with clear pages, reasonable function arrangement, easy to use, and could automatically produce financial statements. In addition to simple accounting, there were also many functions such as fund management, income and expenditure fund analysis, inventory management, etc. It was suitable for small enterprises to fully manage and offer preferential prices. Zoho Books was an online financial accounting software launched in 2011. It could manage corporate finances, automated business processes, and help employees work across departments. It had integrated financial management, multi-currency and cross-border transaction support, intelligent reporting and analysis, price friendliness, mobile applications, and tax management support. Wave Accountant was a free accounting software for small and micro enterprises and individual entrepreneurs. The interface was simple and the basic accounting functions were powerful.
For small business accounting, the simple process included first collecting and sorting out the original documents such as originals, such as originals, bank statements, and so on, to ensure that each income and expenditure had evidence to check. Then, these documents were recorded in the account book according to the accounting subjects such as " cash "," accounts Receivable ", and " accounts payables."
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goood story not bad great atory What is inflation accounting? • ●system of maintaining accounts just like historical cost , or Inflation accounting is the practice of adjusting financial statements according to price indexes. 2: What is inflation? ● Inflation is persistent rise in general Price level 3: What is deflation? ● Deflation is continuous fall in the general price level. 4: limitations of historical cost accounting? ● A) Financial statements fail to disclose current worth of enterprise. B) Financial statements contain non-comparable items. C) Creates problems at the time of replacement. D) Mixes holding and operating gains. D) Historical cost overstates income in times of rising prices. 5: monetary item and non monetary item? A) monetary items is subject to the recording of a net gain or loss. Examples of monetary items include:- Cash Receivables Payables Loan Capital Outstanding B) Non-monetary items are those that do not carry a fixed value Examples of non-monitory items include:- Inventory Buildings Machinery Investments CHAPTER 2 1: 6 PROBLEMS or points for imporvment ? A) The real significance of accounting information and evaluation is not grasped adequately. B) Financial accounts are prepared and often maintained for purpose of satisfying law and tax authorities. C) Accounting methods and practices usually are outdated. D) Financial statements are prepared with excessive delay. E) Inflationary tendencies often lessen further use of FS. F) Shortage of qualified personnel and accounting and management. 2: the conceptual frame work? A structured theory of accounting. States the scope and objectives of financial reporting. Involves qualitative characteristics of financial information and basic elements of financial reports. 3: Qualitative Characteristics? 1) Understandability. 2) Relevance. 3) Reliability. 4: the emerging of international of international accounting standard ( IAS/IFRS) ? A) Emerged from long and very political gestation process. B) Originally designed countries with ill developed systems of national GAAP to adopt an internationally verified system of accounting. c) International Accounting standard Board (IASB) is responsible for IAS/IFRS, previously called International accounting standard Committee(IASC) (1973). D) Founding countries include professional bodies from Australia, France, Canada,, Germany, Japan, Mexico, Netherlands, UK, Ireland & USA. E) IASB was formed April 2001 to undertake standards setting responsibilities. F) Function of IASB is to undertake standard setting of principles of accounting i) IASB is independent body,responsible to provide internationally recognized and approved accounting standards. J) IASB partners with national standard setters to achieve convergence and comparability. Since 1973 IASB has issued 30 International Accounting Standards (IAS). 8) Incentives for International Accounting Standards? Accounting standards are authoritative. Accounting standards specify how transactions and events are recognized, measured, presented and disclosed. IAS is global standards. Multinational companies seek international accounting harmonization. IAS Provides reliable basis for evaluation of company performance. Promote greater transparency. Provide access to capital markets. Access to information credibility and understandability. Lower capital costs 9) the curent status ofninternational accounting standards ? A) IAS provides common accounting language. Most European countries adopt IAS. Foreign investments are booming. US Companies cross national boundaries. The objective of EU is to harmonize global accounting standards. EU partners with International Organization of securities Commission (IOSCO) and IASB. France and Germany adopt not only foreign companies follow IAS but also local ones. Arab society of certified accountants ( 22 Arab countries) has supported the use of IAS. Australia has also harmonized the global standards (2011). In Africa many countries use directly as the basis for financial reporting. South Africa and Kenya were the first adopters CHAPTER 3 1: social responsibility vs profit? Social responsibility and earning profits are not opposites. Companies making loss my do the following things; Production of substandard goods Under weighing Creation of artificial shortages Paying lower wages Evasion of taxes Increasing Prices 2: Approaches to social accounting ? The Inventory Approach: ☆Cost or Outlay Approach The Programmed Management Approach The Benefit Cost Approach 1: The environment of business? Macro-Environment- Includes Economic, political, legal, social, cultural and technological forces. Micro-Environment – Includes Industry, Market, competitors 2: economic environment? State of economy. Growth rate. National income. Price movements.