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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 internal data in statistics?
Internal data refer to the measurements that are the by product pf routine business record keeping like accounting, finance, production,personnel, quality control, sales etc of an organization.
What are the 7 digit alpha-numeric addresses used to represent each and every accounting classification?
Oh, dude, those are called chart of accounts numbers. They're like the secret code for accountants to categorize all their financial transactions. So, if you ever need to decipher the accounting world, just crack the code of those 7-digit alphanumeric addresses, and you're in!
What are the types of transactions in financial accounting?
In financial accounting companies have credits and debits. Financial accounting also includes budgets for the organization, so that they can remain on track.
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
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
Do All accounting transactions require two offsetting entries?
Yes, all accounting transactions require two entries to offset each other. This helps the organization balance their books on a regular basis.
What is recording phase of accounting?
Recording phase of accounting is to record the transactions into journal after transactions occured.
What is the meaning of the term General Ledger?
General Ledger in financing means central repository of the accounting information of an organization in which the summaries of all financial transactions (culled from subsidiary ledgers) during an accounting period are recorded. Also called the book of final entry, it provides the entire data for preparing financial statements for the organization. It applies also for nuclear material accounting in which the summaries of all nuclear material transactions during an accounting period are recorded. It includes the all data for preparing nuclear material inventory in a facility or organization.
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 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 is arbitrary allocation in cost accounting?
allocate cost arbitrarily
What does the accounting process begins with?
transactions and events
What is an overview of accounting?
Accounting is the study of finical transactions. Accounting basic equation is Assets= Liabilities + Owner's Equity.
