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How can you use statics in accounting?
Statistics are used in auditing. Auditing a large company with millions of transactions would be impossible. So auditors pull a statistical sample to determine if accounting records are correct.
What does arm's length mean?
In accounting, these are transactions which are accepted by both parties (e.g. buyer and seller) without the need of another agreement or condition.
What is the role of math in accounting?
accounting is basic math so you kind of need it to do accounting
What is the scope of statistics in accounting?
The scope of statistics in accounting is very broad and the two of them are correlated. Most of the accounting procedures will depend on statistics.
Is accounting a science or a art?
Accounting can be considered both an art and a science. This is because accounting is a very complex task for most people.
If you created an allocation rule to link the Office Supplies MCC group to your Purchasing Department accounting code what will happen to transactions when they enter Access Online?
Access Online will automatically allocate all office supply transactions to the Purchasing Department's accounting code
If you create an allocation rule to link to the office supplies mcc group to your purchasing department accounting code what will happen to transactions when they enter access online?
Access Online will automatically allocate all office supply transactions to the Purchasing Department's accounting code
Responsibilities of accounting department?
The responsibilities of an accounting department are to handle all financial transactions in the organization. These includes bookkeeping, filing returns advising on various monetary policies and so much more.
What is cost absorption in cost accounting?
Simply: allocation of cost to a cost centrehttp://www.answers.com/topic/cost-absorption:Allocation of cost to a product, process, or department using a rational allocation basis. For example, rent expense can be allocated to a department based on square footage.
What is recording phase of accounting?
Recording phase of accounting is to record the transactions into journal after transactions occured.
What is inflationary accounting?
The branch of accounting which deals with the transactions of inflation.
What is accrual accounting and cash accounting?
Accrual Accounting recognizes business transactions when they are occurred not when the related cash is received or a payment is made. Cash accounting is a completely opposite. In cash accounting transactions are recognized only when the related cash is received or paid.
What does the accounting process begins with?
transactions and events
What is arbitrary allocation in cost accounting?
allocate cost arbitrarily
What is the difference between cleared and reconciled transactions in accounting?
Cleared transactions in accounting are those that have been processed by the bank, while reconciled transactions are those that have been matched and verified against the company's records.
What is an overview of accounting?
Accounting is the study of finical transactions. Accounting basic equation is Assets= Liabilities + Owner's Equity.
What kind of transaction can not be done in accounting?
All kinds of transactions, everything, can be done in accounting, however, by virtue of certain limitations, prescribed by statutes, etc., not all transactions need be or should be done in accounting.
