0
Still curious? Ask our experts.
Chat with our AI personalities
Ezra
Fran
BeauAdd your answer:
Earn +20 pts
In accounting terms both M and K mean thousand?
K is the shorthand form for thousands, for example £27k = £27,000 M is the shorthand form for millions, for example $84.2M = $84,200,000
What is a synonym for novice?
rookie, inexperienced or not having knowledge of something. for example: a lawyer studying accounting will surely be a novice at first but he later learns
What is the difference between bachelor of science and a bachelor of business degree in accounting?
The "science" tag in the various degree programs denotes that the degree holder took a specified "block" of basic science courses such as, for example, Chemistry, Botany, Zoology, Physics, Geology, Mathmatics, etc. One could obtain an Accounting degree with either the "Science" or "Business" tag. If the basic courses prescribed for a Science degree are taken in addition to the Accounting courses, then it would be tagged as a Science degree. On the other hand, if that prescribed block of basic Science courses is not taken, then the degree would be in Business.j3h.
Is difference between whole price and discount be considered as a loss in accounting?
No. You incur a loss when you sell something for less than its book value. So, for example, if land is on your books for $1,000 and you sell it for $600, you would incur a net loss.A net loss is the difference between revenues and expenses, when the result comes out negative. If a company has $3,000 in revenues and $3,500 in expenses, it would incur a $500 net loss.In accounting, sales discounts are deducted from sales price to compute the net sales
When does an accrued expense have to be paid?
An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. It is usually a current expense. An accrued expense is paid when the due date for payment has reached, for example, wages are accounted for in the books before they are paid, but are usually paid either on a monthly or weekly basis depending on the policies of the company.
