Do you Capitalise website development costs?
Accounting treatment: website development costs Website development costs should only be capitalised if they meet the recognition criteria of an asset; on...
Category: General
Do you pay capital gains if you buy another stock?
Taking sales proceeds and buying new stock typically doesn’t save you from taxes. With some investments, you can reinvest proceeds to avoid capital gains,...
What is advantage of Final audit?
Final audit is very suitable for small business concerns with less number of business transactions and resources. Periodical audit or final audit is condu...
What is the purpose of a revenue account?
Record incoming money from main business operations in your Revenues/Sales account. This is an account that lists your operating revenue. Some businesses ...
How does increase in accounts receivable affect cash flow?
Increasing accounts payable is a source of cash, so cash flow increased by that exact amount. For accounts receivable, a positive number represents a use ...
Which account shows debit balance?
Asset, Expense and Loss Accounts will show a Debit Balance at the year end. Liability,Capital, Income & Gain Accounts will show a Credit Balance at th...
Why does a professional golfer usually own many types of clubs quizlet?
Why does a professional golfer own many different types of golf clubs? Because they’re for different situations on the golf course. You just studied 36 te...
How do you calculate current assets from working capital?
Current assets are available within 12 months. Current liabilities are due within 12 months. The standard formula for working capital is current assets mi...
What is under-absorption of overhead How is it treated in accounting?
If overhead is under absorbed, this means that more actual overhead costs were incurred than expected, with the difference being charged to expense as inc...
What is petty cash with examples?
Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. Examples of these payments are office supplies, car...
