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Latest Accounting Questions Answered
| 11/05 | In a bank reconciliation, what happens to the outstanding checks of the previous.. The outstanding checks of the previous month will have either cleared the bank in the current month or will remain on the list of outstanding checks. If an outstanding check of the.. |
| 11/04 | Is Accounts Payable a debit or a credit or both? Since Accounts Payable is a liability account, it should have a credit balance. The credit balance indicates the amount that company or organization owes to its suppliers or vendor.. |
| 11/03 | Why are loan costs amortized? When loan costs are significant, they must be amortized because of the matching principle. In other words, all of the costs of a loan must be matched to the accounting periods when.. |
| 11/02 | Are repairs to office equipment and factory equipment period costs? Repairs to office equipment are period costs. That is, the cost of the repairs to office equipment will be reported as a selling, general and administrative (SG&A) expense in t.. |
| 10/25 | Why would a company use double-declining depreciation on its financial statement.. Most companies will not use the double-declining balance method of depreciation on their financial statements. The reason is that it causes the company's net income in the early ye.. |
| 10/24 | What is a natural business year? A natural business year is the period of 12 consecutive months (or 52-53 consecutive weeks) ending at a low point of an organization's activities. For example, a school district wi.. |
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