Answer / gurpreet singh

1. Recording of transactions concerning & affecting the
business.
2. Preparation of neccesary accounts & balancesheet as
required by statutes: &
3. Apprising the owners of the business about the results
of the business over a period of time.

Answer / aman

characterstics of financial a/cin are-
1- to know the financial position of the copmany.
2- transaction recorded in cronological order.

Answer / abhijit mandal

The art of recording, classifying and summarising in a
significant manner and in terms of money, transactions and
events which are atleast in part of a financial charecter
and interpreting the result.

Answer / arpana

Characteristic features of financial accounting:-
*It consists those transactions which can be expressed in
terms of money.
*Its a hystorical form of accounting as it concerned with
recording of tranjectionsi.e. financial statement.
*In perticulal case,its a legal requirement.
*This accounting meant for people who are external to the
company.
*Its a intrim report and can't be a final ones.
*This process of accounting gets largely affected due to
the various accounting policies followed by the accountants.

Answer / sammy

transaction made monetary form

Expand M C

2 Answers  

you purchase a machinary on a loan what is the joury entry for that and where will you show the the loan amount in balance sheet and show the ledger account?

2 Answers   OPI Global,

From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.

0 Answers   Ignou,

Expand---------RTC

7 Answers  

Which is the better corporate business entity to chose for tax advantages - C Corp or S Corp?

1 Answers  

what is depreciation, what isdouble entry,alltypes of assets,alltypes of liabilities

3 Answers   HP,

can we get all interview questions with answers in tally 9 which mostly asked in MNC's.

9 Answers   CMF, CSC, Genpact, HDFC, Jempak, MNC, Ramco, Suksh Technology,

ER-1, ER-2,ER-3,ER-4,ER-5,ER-6,ER-7 plz tell me use of these excise form

0 Answers   Delight Auto Industries,

HOW CALCULATE ADVANCE TAX ? PLEASE EXPLAIN IT ?IN CASE OF FIRM, IF WE PAID FIRST INSTALMENT OF ADVANCE TAX.

0 Answers  

Why we Add the net profit in the balance sheet ? Why we shows profit in the liability side of the balance sheet?

12 Answers  

WHAT TYPE OF ESSAY WRITING ARE GIVING

9 Answers   Bank Of America,

HI ALL PLS EXPLAIN IN BRIEF ABOUT DEBIT& CREDIT& ALSO GIVE EXAMPLES FOR PERSONAL a/c,REAL a/c,NOMINAL a/c?

3 Answers