How do I work out VAT from gross amount?
To calculate VAT having the gross amount you should divide the gross amount by 1 + VAT percentage. (i.e if it is 20%, then you should divide by 1.20), the...
Category: General
What does P and L stand for?
Profit and Loss Statement What Is a Profit and Loss Statement (P&L)? The profit and loss (P&L) statement is a financial statement that summarizes ...
How do you make a ledger trial balance?
In order to prepare a trial balance at any time, it is necessary to determine the balance on each account. This process is known as ‘balancing off’ the ge...
How did accounting developed?
Accounting saw its start in one of Earth’s oldest civilizations, ancient Mesopotamia. Early economists developed the practice as a way to keep records of ...
Should I sleep with my husband during divorce?
Getting a divorce but still sleeping together is likely to result in your petition being denied and dismissed if you filed on the basis of irreconcilable ...
How does technology impact accounting?
The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transaction...
What is the need of working capital?
Your working capital is used to pay short-term obligations such as your accounts payable and buying inventory. If your working capital dips too low, you r...
What does hotel reception do?
A hotel receptionist takes bookings, checks guests in and out of the hotel, allocates rooms and keys, and is the main point of contact between the guests ...
What is the difference between straight line depreciation and reducing balance?
The main difference between the reducing balance and straight-line methods of depreciation is that while the reducing balance method charges depreciation ...
How does inventory affect financial ratios?
As in the case of profitability ratios, the inventory method a company uses affects its balance sheet as well. This results in a higher current ratio, whi...
