Explain the components of balance of Payments Accounts and describe the  impact of deficit and surplus balance of payment accounts

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: What is the nature of the account Fund balance with Treasury? When is that account debited, and when…

A: Nature of accounts helps management to record the financial transactions as per double entry system…

Q: a)  Explain the difference between: Capital expenditure and revenue expenditure, giving an example…

A: Capital Expenditure: It is a expenditure made by company to acquire or renovate a property, plant or…

Q: Discuss the differences between cash basis accounting and accrual basis accounting. What are the…

A: The fundamental principle of accrual basis accounting is the matching principle, which aims to match…

Q: How to adjust net income to cashflow.

A: In cashflow there are 2 methods for calculating operating cash flow, they are: a. Direct Method b.…

Q: Where does Unearned Subscriptions Revenue lie to at a classified Balance Sheet?

A: Unearned Subscription Revenue is a business income which has been received from the client but not…

Q: Discuss the recognition, measurement and disclosures for 'cash' as per accounting standards

A: Cash is considered as the most liquid asset or quick asset for the business in the balance sheet…

Q: cash and accrual accounting based o

A: The FIVE difference between cash and accrual accounting are as follows:   1. recognition of revenue:…

Q: The course concerned with debtors is *

A: Option (a). Revenues is the correct answer

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: Describe the revenue and collection cycle,including typical source documents.

A: Introduction: Income statement: Income statement is the financial statement of the company that is…

Q: Define Cash-basis accounting.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define accrual and cash basis accounting. Can you provide any examples?

A: Accrual Accounting is a kind of accounting that involves the accumulation of funds : Accrual…

Q: Under the revenue recognition principle, when is revenue recorded?

A: Revenue recognition principle:Revenue recognition principle is used as to recognize the revenues…

Q: Establish a compensatory equilibrium. In financial statements, how are compensating balances…

A: Here is the Answer

Q: difference between accrual and cash basis accounting

A: Accounting principle represents the rules and regulations for the company to be followed.

Q: Distinguish between the gross and net methods of accounting for cash discounts.

A: Cash discount: A cash discount is a reduction in the amount that is to be paid by the credit…

Q: Describe the accounting treatment of anticipated uncollectible accountsreceivable.

A: As per the matching principle of accounting, all expenses relating to the revenues must be accounted…

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: Name the assumption requires that financial statement elements be measured in nominal units of…

A:

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.