How do you Journalize a cash deposit? Journal Entry for Cash Deposit in Bank According to the “Golden rules” of accounting. Bank A/c. Debit. Personal account. Debit the receiver. To Cash A/c. Credit. Real account. Credit what goes out. According to the “Modern rules” of accounting. Bank A/c. Debit. Asset. Debit the increase in asset. […]
What is an example of a private corporation?
What is an example of a private corporation? A private company is a corporation whose shares of stock are not publicly traded on the open market but are held internally by a few individuals. Cargill (the food producer) is the largest private company in the U.S. Some other familiar examples of privately held companies n […]
What is cost accounting and its objective?
What is cost accounting and its objective? The objective of the cost accounting is to determine the methods by which expenditure on materials, wages and overhead are recorded, classified and allocated. This is necessary so that the. cost of products and services may be accurately ascertained. How many objectives of cost accounting are there? Objectives […]
What are the 3 most important financial statements?
What are the 3 most important financial statements? The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company’s operating activities. What are the three correct financial statements a company prepares? The three financial statements are: […]
What are some things that are exempt from sales tax in Indiana?
What are some things that are exempt from sales tax in Indiana? What goods are exempt from sales and use tax? equipment directly used or consumed in the direct production of tangible personal property, as well as for property incorporated into goods for sale; property predominantly used in providing public transportation; certain medical equipment, drugs […]
What is insurance premium paid in advance?
What is insurance premium paid in advance? An advance premium is an initial premium paid to bind an insurance policy for a given period of time. An advance premium can also refer to pre-paid premiums, in which the policyholder makes a premium payment before it is due. What is premium premium advance renewal? The premium […]