Finance General Faqs

What are the uses of journal in accounting?
The journal is most commonly used to record corrections to errors that have been made in writing up the general ledger accounts ...... More »
What does overhead mean in regards to accounting?
It is to describe costs of running a business, e.g. rent rates and salaries ...... More »
What are accounting entities?
Accounting entities are for example a business do not get these mixed up with legal entities ...... More »
What is an accounting transaction?
An accounting transaction is the exchange of request/response messages to perform accounting. Accounting can be performed in the form of accounting transactions that report on resource usage by a session. Accounting transaction can occur during a ...... More »
What is accounting ethics?
Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. ...... More »
What does the abbreviation dr mean in accounting?
'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever assets the business owns or the expenses it has to pay comes under debit. While 'cr' means credere in Latin means 'what goes ou...... More »
What does the abbreviation m mean in accounting?
It has come to mean one million in general usage, although it used to mean one thousand (and one million was abbreviated "MM") ...... More »
What is computerized accounting?
Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports. The purpose of accounting is to provide information used in decision-making. Accounting may be viewed ...... More »
What is normative accounting?
Normative Theory is a theory that prescribes how a process of accounting should be done. This theory is not based on observation and may suggest radical changes to current practices in accounting ...... More »
What is accounting normalization?
It is removing items from the income statement or balance sheet that do not normally occur during the course of business to better estimate the value of a company. ...... More »