Recent questions tagged accounting

Description : Bookkeepers and accountants: How to handle international money transfers?

Last Answer : Not be harsh; your friend needs an international lawyer and a CPA, thanks for helping but he could be trouble with the IRS already.

Description : If I am the owner of a trade school, can I defer my salary?

Last Answer : You should get yourself an accountant. Try SCORE they are all volunteers and many are retired executives of large companies.

Description : Accounting question: is it a fixed asset if multiple items total over $500?

Last Answer : The price is irrelevant to the definition of a fixed asset. The common definition is applicable to items not readily convertible to cash, such as your house or the new furnace in your house—things you are unlikely to buy or sell in a hock shop or yard sale.

Description : What are some examples of high level accounting?

Last Answer : It is fun if you find arcane bookkeeping fun. Otherwise it can be pretty dry. It is usually a way of structuring financial statements so as to characterize transactions within the specifics of legal ... did. It takes a graduate level understanding of accounting and usually a law degree to succeed.

Description : Help me with an accounting question regarding a credit?

Last Answer : answer:It would depend upon the nature of the credit, wouldn't it? After all, one presumes that it's not a charitable donation to your cause on their part, or payment for goods received or services ... a rebate for fuel purchases, then the credit would be applied to the fuel account, wouldn't it?

Description : How can my employer send me signed cheques from Korea ?

Last Answer : Yes he is able to have a digital signature developed and when he submits his authorizion and signoff for the payables processed while he is gone and when you print the checks the signature will appear on the checks.

Description : What is wrong here? =SUMIFS(D2:D3,">(TODAY()-14)",(N2:N3))

Last Answer : answer:Your parameters are in the wrong order. The last parameter should be a criterion condition, according to microsoft Office SUMIF documentation. So the N column part should be first. From the ... copying and editing these similar functions, make sure you put the arguments in the correct order.

Description : How do I include empty value cells in an average function in Google Spreadsheet?

Last Answer : I think I figured it out. I’m glad Google spreadsheets obey the laws of math lol.

Description : Why would a transaction marked "credit" with a positive value deduct from my available balance at the bank?

Last Answer : If your bank hasn’t verified the funds from the entity giving you the credit yet, they won’t make it available for you to access.

Description : In Accounting, are liabilities a good thing or a bad thing?

Last Answer : Think of it like adding a negative number. The whole picture shows a companies health. If you only give the assets without showing the liabilities you will not have any idea of the companies true value. You need all the information.

Description : If I file taxes via Turbo Tax or go to H&R Block, how long will it take to get a refund?

Last Answer : answer:I just did mine through the TurboTax free edition. I got my w2 on 1/15, filed on 1/18. The IRS began processing refunds on 1 / 30. Mine cleared in my bank account on 2/8. They’re pretty damn quick. Direct deposit is the way to go.

Description : Do you think there's anything wrong with a professor requiring his/her students to buy the book the professor wrote?

Last Answer : As a professor with books in her future (I hope)...I must say it doesn't sit right with me I get that, generally speaking, a person might write about that which they're teaching but unless you're ... you're talking about, just scan the pages and have your students save money that's what I'll do.

Description : How can I sell myself at this interview?

Last Answer : I would give work examples of you catching errors that saved the company money or that showcase your attention to detail.

Description : My wife had a business last year. Should we still file our taxes jointly?

Last Answer : answer:How was the business organized? Did she draw a salary? The business may have to file its own return. I would bite the bullet and get professional help.

Description : When do I have to pay taxes if I'm given stock options for services?

Last Answer : Is the company stock listed publicly? Where do you live? Options are different to actual stocks. Be careful.

Description : Can I claim my home as my office if I am an independent contractor?

Last Answer : Yes. If you devote a room in your home to an office for your business, it’s a claimable home office.

Description : I need a great small business accountant and financial advisor in the Bay Area. Any recommendations?

Last Answer : You are asking for two entirely different skill sets….assuming you want both in the same person.

Description : Quickbooks. How do I get rid of old items on the reconciliation screen?

Last Answer : Create a category for reconciliation problems, put all those transactions into the problems category so that the resolved balance is zero and date all the transactions to an earlier time than the beginning of your fiscal year.

Description : Peachtree, inputting income through general journal and having it show up on the general ledger?

Last Answer : I don't know much about this program. I would almost guess that the opposite problem would happen with journal entries, where they would show up in the GL and not on an Income Statement. Are you ... a few years since I did any proper accounting and I hope something I've mentioned here might help.

Description : How much and what type of math is needed in Accounting?

Last Answer : Accounting is addition, subtraction, percentages, and multiplication, and division (occasionally). No cosynes, synes, pi’s. Simple math.

Description : What are your thoughts on a company called "Green Path"?

Last Answer : I’m skeptical of any debt consolidation business. They’re not doing what they do out of any sense of charity.

Description : What is the difference between Quickbooks Online and FreshBooks?

Last Answer : They serve the same function. You don’t need both, just choose one or the other. Here is the official site for each. They both feature some great functions. http://quickbooksonline.intuit.com/managerial-accounting-standards-features/ http://www.freshbooks.com/tour.php

Description : Anyone good at accounting?

Last Answer : Not at all, but that hasn’t stopped me from running two businesses into the ground, so hit me up.

Description : How many withholdings should i claim on my w-4?

Last Answer : I'd go with 6. But if you discover, at the end of the year, that you are due a large refund, then increase the number of dependents on your withholding form.

Description : For what do you use the checkmark column in a checking account register?

Last Answer : When your check has cleared the bank. Then you are sure the check has been cashed or depositied by the merchant and the money has been withdrawn from your account. The check you wrote has then ‘been cleared’.

Description : What is a good program for handling complex financial/debt/payment equations?

Last Answer : answer:This seems like a really good program and you can download a fully functional demo from their site to see if you like it http://www.cognito.co.nz/ You might want to check this out too. (unless your on a PC then nm) http://www.jumsoft.com/money/

Description : Anemia occurs due to

Last Answer : Serum

Description : Cost of goods available for sale is computed by adding a. freight-in to net purchases. b. beginning inventory to net purchases. c. beginning inventory to purchases and freight-in. d. beginning inventory to cost of goods purchased.

Last Answer : d. beginning inventory to cost of goods purchased.

Description : In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.

Last Answer : a. in current assets immediately following accounts receivable.

Description : Net sales is sales less a. sales discounts. b. sales returns. c. sales returns and allowances. d. sales discounts and sales returns and allowances.

Last Answer : d. sales discounts and sales returns and allowances.

Description : In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

Last Answer : b. 36%.

Description : Which of the following accounts is not closed to Income Summary? a. Cost of Goods Sold b. Merchandise Inventory c. Sales d. Sales Discounts

Last Answer : b. Merchandise Inventory

Description : On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to ... c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Last Answer : b. credit of $2,800 to Sales.

Description : In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting a. Purchases. b. Purchase Returns. c. Purchase Allowance. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.

Last Answer : b. $15,000.

Description : When a periodic inventory system is used, cost of goods sold is calculated as follows: a. Ending inventory plus purchases less beginning inventory. b. Beginning inventory plus purchases less ... of merchandise purchased less ending inventory. d. Cost of merchandise sold plus beginning inventory.

Last Answer : b. Beginning inventory plus purchases less ending inventory

Description : A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : b. determine cost of goods sold for the period.

Description : Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

Last Answer : c. cost of goods sold, net sales revenue

Description : Which of the following accounts has a normal debit balance? a. Merchandise Inventory b. Sales Returns and Allowances c. Cost of goods sold d. Sales

Last Answer : d. Sales

Description : Under a perpetual inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.

Last Answer : a. Merchandise Inventory account.

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : a. verify the accuracy of the accounting records.

Description : In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Last Answer : d. .Cash and Cost of Goods Sold.

Description : Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed ... for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.

Last Answer : c. Purchases Returns and Allo

Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Last Answer : . $47,000.

Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Last Answer : c. cost of goods purchased.

Description : The Freight-in account a. increases the cost of merchandise purchased. b. is contra to the Purchases account. c. is a permanent account. d. has a normal credit balance

Last Answer : a. increases the cost of merchandise purchased.

Description : Cost of goods available for sale is computed by adding a. beginning inventory to net purchases. b. beginning inventory to the cost of goods purchased. c. net purchases and freight-in. d. purchases to beginning inventory

Last Answer : b. beginning inventory to the cost of goods purchased.

Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Last Answer : b. $1,400,000 and 30%.

Description : At the beginning of September, 2008, RFI Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $7,800. At September 31, 2008, a physical count of inventory reported $3,200 on hand. ... sold for the month is a. $600. b. $7,800. c. $8,600. d. $11,800.

Last Answer : b. $7,800.