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Latest Accounting Questions Answered

09/03	What are the benefits of a revenue budget? The main benefit of a revenue budget is that it requires looking into the future. The revenue budget should contain the assumptions made about the future and the details about the ..
08/27	How do you balance a checkbook? You balance a checkbook by comparing the amounts on your bank statement or in your bank account to the amounts you have in your checkbook or check register. Accountants refer to th..
08/26	What is the difference between residual value, salvage value, and scrap value? Residual value, salvage value and scrap value are three terms that refer to the expected value at the end of the useful life of the property, plant and equipment used in a business..
08/25	What is the difference between an accrual and a deferral? An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and ..
08/18	What is the difference between the cash basis and the accrual basis of accountin.. Under the cash basis of accounting… 1. Revenues are reported on the income statement in the period in which the cash is received from customers. 2. Expenses are reported on t..
08/17	What is the difference between an implicit cost and an explicit cost? An implicit cost is a cost that has occurred but it is not initially shown or reported as a separate cost. On the other hand, an explicit cost is one that has occurred and is clear..