Finance General Faqs

What is an accounting loss?
It is when revenues are less than expenses. ...... More »
What is Executive Accounting?
Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, dist...... More »
What is accrual accounting?
Accrual Accounting refers to the recording of financial transactions once an economic event has happened and it is not based on the movement of cash. For example, in Accrual Accounting if you have office rent of $1000 per month, you wou...... More »
What is accounting period?
This concept defines the unit of time for which accounting data are collected. It is hard to calculate and measure the profit if the business is trading for long periods. Therefore, accountants estimate profitability in the short segments of time ...... More »
What are the nine accounting cycles?
1. Collecting and Analyzing Data from the occurred transaction. 2. Journalize Transaction. 3. The general journal entries are posted to the General Ledger, which is organized by account. 4. Prepare an unadjusted trial...... More »
What is Control in Accounting?
A control is some type of device or procedure that attempts to limit the possibility of a transaction to be manipulated. What are different Branches of accounting? For information, accounting field could be divided into a few br...... More »
What is partnership accounting?
A business can be a corporation, a partnership, or a sole proprietorship. A corporation is incorporated at the state level. A sole proprietorship is one person in business. A partnership is two or more persons with an agreement on who has which as...... More »
What is the definition of accounting?
The theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. ...... More »
What is DD and A in oil and gas accounting?
DD&A stands for Depreciation, depletion & amortization. ...... More »
What is the Importance of accounting standards?
Financial statements are prepared to summarize all business activities by an enterprise during an accounting period in monetary terms & report financial outcomes in terms of performance, status of assets, liabilities, & flow of cash. These...... More »