what does the word treatment mean in accounting?
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
"Treatment" means application of applicable Accounting principles , weather its International Financial Reporting standards / US Gaap / UK Gaap / or local regulations governing the accountancy in country of jurisdiction For example : What is treatment of Expense ? Treatment : When expenses are incurred , they are debited and credit impact is taken on Cash / Bank / Payable . hope i have clarified enough.
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Thursday, June 14, 2012
Thursday, June 7, 2012
Does anyone now why my Sage accounting package keeps freezing whenever I run any report (big or small)?
Does anyone now why my Sage accounting package keeps freezing whenever I run any report (big or small)?
When i export it to my accountant it works fine on his client manager program. My boss has asked his IT guy whether it is due to lack on memory on the hard drive but he says it isn't. My boss is too mean to buy Sage support so i'm in limbo! Any ideas?
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
How many users do you have? If you have quite a few it could be that more than one person is running large amounts of data at the same time which can slow things up - this usually leads to a message at the bottom about accessing data which flashes for a bit til it can. But if you find it's just hanging (which can be a problem with Sage) - is it usually around the same time of day? Mine did this and it turned out our IT guy had anti-virus software set to run at certain times of the day and this was causing it. Other than that the best thing to do when it freezes is keep clicking anywhere on the screen until it says 'not responding' at the top. Then press the Esc key on your keyboard. Sage will then ask you if you want to quit the report but say no and it often then finishes running.
Answer 2 :
I suspect it is in the printer itself - the Sage is sending at one speed and the printer is receiving at a lower speed. Sage is desgined to send reports quickly - and probably your printer is not compatable with the speed.
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When i export it to my accountant it works fine on his client manager program. My boss has asked his IT guy whether it is due to lack on memory on the hard drive but he says it isn't. My boss is too mean to buy Sage support so i'm in limbo! Any ideas?
Small Business - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
How many users do you have? If you have quite a few it could be that more than one person is running large amounts of data at the same time which can slow things up - this usually leads to a message at the bottom about accessing data which flashes for a bit til it can. But if you find it's just hanging (which can be a problem with Sage) - is it usually around the same time of day? Mine did this and it turned out our IT guy had anti-virus software set to run at certain times of the day and this was causing it. Other than that the best thing to do when it freezes is keep clicking anywhere on the screen until it says 'not responding' at the top. Then press the Esc key on your keyboard. Sage will then ask you if you want to quit the report but say no and it often then finishes running.
Answer 2 :
I suspect it is in the printer itself - the Sage is sending at one speed and the printer is receiving at a lower speed. Sage is desgined to send reports quickly - and probably your printer is not compatable with the speed.
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Friday, June 1, 2012
to become a trader/ hedge fund manager should i study economics or accounting.?
to become a trader/ hedge fund manager should i study economics or accounting.?
Investing - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Economics or business, but if you have the chance to major in economics or business and minor in accounting, then definitely go for that.
Answer 2 :
In the paper it was saying that current crops of kids don't have the proper grounding in maths. People with degrees in maths walk into good jobs in the city. Economics and accounting are much weaker.
Answer 3 :
visit my blog okay www.gbp-usd.blogspot.com
Answer 4 :
PhD.
Answer 5 :
I would study economics for sure. Accounting is only really useful if you want to use those skills within analyst role looking at financial reports or if you want to work in a back office role at a hedge fund. If you are a trader you have to incorporate moves in interest rates and linked economies into your models and daily decisions/screens so it is far more critical to outperformance. Here is my hedge fund job advice article: http://richard-wilson.blogspot.com/2007/10/hedge-fund-jobs.html Here is my hedge fund employment/job guide: http://richard-wilson.blogspot.com/2008/05/hedge-fund-employment.html Hope this all helps. - Richard Richard Wilson Hedge Fund Group (HFG)
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Investing - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Economics or business, but if you have the chance to major in economics or business and minor in accounting, then definitely go for that.
Answer 2 :
In the paper it was saying that current crops of kids don't have the proper grounding in maths. People with degrees in maths walk into good jobs in the city. Economics and accounting are much weaker.
Answer 3 :
visit my blog okay www.gbp-usd.blogspot.com
Answer 4 :
PhD.
Answer 5 :
I would study economics for sure. Accounting is only really useful if you want to use those skills within analyst role looking at financial reports or if you want to work in a back office role at a hedge fund. If you are a trader you have to incorporate moves in interest rates and linked economies into your models and daily decisions/screens so it is far more critical to outperformance. Here is my hedge fund job advice article: http://richard-wilson.blogspot.com/2007/10/hedge-fund-jobs.html Here is my hedge fund employment/job guide: http://richard-wilson.blogspot.com/2008/05/hedge-fund-employment.html Hope this all helps. - Richard Richard Wilson Hedge Fund Group (HFG)
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Monday, May 28, 2012
help with accounting work please?
help with accounting work please?
I am doing a trial balance and trading account. In the trial balance I have bad debts of £4215 I have two particular things I have to do: further bad debts to be written off £3114 - would i deduct this amount from the bad debts I got? Lastly provision for doubtful debts established is 2% - would I add this 2% to the bad debt amount? Please help, it's for a coursework I'm doing I've done most parts of the accounting work..just can't understand the parts i mentioned above..so asking for advice.x
Other - Business & Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The reason that you are doing this involves the word "work" Therefore I suggest that you get on and do some of this strange thing called "work" which is why you are doing the course that you are on.
Answer 2 :
This is a general answer: First, write off the known bad debts of 3114 Debit the Provision for Doubtful Accounts Credit Accounts Receivable. Now, look at the balance in Accounts Receivable. Take 2% of that number. That's what the balance should be in the Provision for Doubtful Accounts. Now you need to make whatever adjustment in the Provision for Doubtful Accounts to get it to be that 2% balance. It should be a credit balance. The offset to the adjustment to the Provision for Doubtful Accounts is the Bad Debt account. The balance right now in the Bad Debts account of 4215 is immaterial. When you are done with the 2 steps above, what ever the balance in Bad Debts is whatever it is. The whole point of the allowance method for accounting for bad debts is to make the balance of accounts receivable as accurate as possible(you write off any KNOWN bad debts.) You also ALLOW or PROVISION for unknown noncollectable accounts by making the Provision for Bad Debts account equal to 2% of the Accounts Receivable balance. How does that sound?
Answer 3 :
Step one: write off bad debts of 3114 Dr Allowance for doubtful debts (3114) Cr Accounts receivable (3114) Step two: Adjustment of bad debts based on 2% of A/R Dr Bad debts Expense ((A/R-3114)*0.02) Cr Allowance for doubtful debts ((A/R-3114)*0.02)
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I am doing a trial balance and trading account. In the trial balance I have bad debts of £4215 I have two particular things I have to do: further bad debts to be written off £3114 - would i deduct this amount from the bad debts I got? Lastly provision for doubtful debts established is 2% - would I add this 2% to the bad debt amount? Please help, it's for a coursework I'm doing I've done most parts of the accounting work..just can't understand the parts i mentioned above..so asking for advice.x
Other - Business & Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The reason that you are doing this involves the word "work" Therefore I suggest that you get on and do some of this strange thing called "work" which is why you are doing the course that you are on.
Answer 2 :
This is a general answer: First, write off the known bad debts of 3114 Debit the Provision for Doubtful Accounts Credit Accounts Receivable. Now, look at the balance in Accounts Receivable. Take 2% of that number. That's what the balance should be in the Provision for Doubtful Accounts. Now you need to make whatever adjustment in the Provision for Doubtful Accounts to get it to be that 2% balance. It should be a credit balance. The offset to the adjustment to the Provision for Doubtful Accounts is the Bad Debt account. The balance right now in the Bad Debts account of 4215 is immaterial. When you are done with the 2 steps above, what ever the balance in Bad Debts is whatever it is. The whole point of the allowance method for accounting for bad debts is to make the balance of accounts receivable as accurate as possible(you write off any KNOWN bad debts.) You also ALLOW or PROVISION for unknown noncollectable accounts by making the Provision for Bad Debts account equal to 2% of the Accounts Receivable balance. How does that sound?
Answer 3 :
Step one: write off bad debts of 3114 Dr Allowance for doubtful debts (3114) Cr Accounts receivable (3114) Step two: Adjustment of bad debts based on 2% of A/R Dr Bad debts Expense ((A/R-3114)*0.02) Cr Allowance for doubtful debts ((A/R-3114)*0.02)
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Monday, May 14, 2012
what the difference between aat and degree in accounting?
what the difference between aat and degree in accounting?
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
ATA is a qualification for accounting support staff. it is not one of the professional bodies for Accountants If you have a degree in accounting I would try for qualification in the main bodies Chartered Accounts. Chartered and Certified Accountants Management Accountants
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Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
ATA is a qualification for accounting support staff. it is not one of the professional bodies for Accountants If you have a degree in accounting I would try for qualification in the main bodies Chartered Accounts. Chartered and Certified Accountants Management Accountants
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Monday, May 7, 2012
If there are insufficient funds can a declared dividend be paid after the end of the accounting period.?
If there are insufficient funds can a declared dividend be paid after the end of the accounting period.?
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The dividend is only declared after the end of the accounting period when it is known that a profit has been made. If you mean that profit was made, dividends declared but now there is insufficient cashflow to pay the dividends then that is different. The dividends are a liability of the company once they have been declared so it would be up to the company to negotiate delayed payment if they don't have the funds.
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Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The dividend is only declared after the end of the accounting period when it is known that a profit has been made. If you mean that profit was made, dividends declared but now there is insufficient cashflow to pay the dividends then that is different. The dividends are a liability of the company once they have been declared so it would be up to the company to negotiate delayed payment if they don't have the funds.
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Tuesday, May 1, 2012
what subjects(qualifications) o you need to do Accounting?
what subjects(qualifications) o you need to do Accounting?
Careers & Employment - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Maths GCSE, A Level and a Maths Degree would be a start.
Answer 2 :
C.P.A. or Certified Public Accountant. You can get this or equiv- ilant at two year schools.
Answer 3 :
Maths for a start. Then a humour bypass.
Answer 4 :
You would need to get enought A levels to go to university and do an accountancy course couples with several other degree courses. It would probably be better to do an Honours Degree then go to be become an associate member of the accountancy organisation.
Answer 5 :
To do Accountancy at uni, you just need A levels, i applied after college and got an offer, that was without an A level in accountancy. If you dont fancy Uni (like i decided i didnt), lots of big firms offer an apprenticeship. For this you usually need really good A Level Grades, no one in particular though. I had Politics, biology and maths. The fact i had a maths A Level didnt make a difference though. The apprenticeship includes a kind of block release, where you go to college and study AAT (Association of Accounting Techincian). There are people at my firm, who did a degree in a completely opposite direction, such as geography or chemistry, the fact they had a degree (might i add a very good one) was what got them the job. So in conclusion, you dont need to have certain subjects, as long as you can show the accountancy firms/Uni/College your dedicated and smart, thats usually enough.
Answer 6 :
it depends on what qualifications you've got,what you rally want to do and what you're doing now.the basics are 5 O'levels,including maths and 2 A'levels,preferably accounting,management of business/business studies,maths,geography,economics(so long as they are not arts or sciences).you could also opt for proffessional courses like CIMA,ACCA,CIS or other local courses. you could also do articles with other accounting organisations/firms that allow you to do articles. i dont know whether i've been of help to you.you could try asking at any college or university,depending on where you want to study accounting-if that's what you want to do,they do help you decide or you could get a prospectus form any college or university.They usually show courses on offer and what is required for you to do that course or programme.
Answer 7 :
Need more info. Do you mean bookkeeping or accountancy? Do you want to be an auditor, tax specialist or general accountant? They all require pretty much the same basic qualifications before enrolment, but the particular qualification you choose will determine which course you take and which professional body suits your purpose.
Answer 8 :
this depends entirely on your situation. Any degree will do, it doesn't have to be finance related to enter for Accountancy exams (check out acca.co.uk). If you mean at Uni, check out some different uni's prospectus's and they will give you entry requirements, usually grades rather than specific subjects. Don't get bogged down in the specifics of what you want to specialise in just yet. Uni and ACCA/CIMA/CAT all have compulsary subjects to begin with so you can figure that out as you go along. But be ready for a challenge. My ACCA results are out next week and I am scared! Good luck with it though.
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Careers & Employment - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Maths GCSE, A Level and a Maths Degree would be a start.
Answer 2 :
C.P.A. or Certified Public Accountant. You can get this or equiv- ilant at two year schools.
Answer 3 :
Maths for a start. Then a humour bypass.
Answer 4 :
You would need to get enought A levels to go to university and do an accountancy course couples with several other degree courses. It would probably be better to do an Honours Degree then go to be become an associate member of the accountancy organisation.
Answer 5 :
To do Accountancy at uni, you just need A levels, i applied after college and got an offer, that was without an A level in accountancy. If you dont fancy Uni (like i decided i didnt), lots of big firms offer an apprenticeship. For this you usually need really good A Level Grades, no one in particular though. I had Politics, biology and maths. The fact i had a maths A Level didnt make a difference though. The apprenticeship includes a kind of block release, where you go to college and study AAT (Association of Accounting Techincian). There are people at my firm, who did a degree in a completely opposite direction, such as geography or chemistry, the fact they had a degree (might i add a very good one) was what got them the job. So in conclusion, you dont need to have certain subjects, as long as you can show the accountancy firms/Uni/College your dedicated and smart, thats usually enough.
Answer 6 :
it depends on what qualifications you've got,what you rally want to do and what you're doing now.the basics are 5 O'levels,including maths and 2 A'levels,preferably accounting,management of business/business studies,maths,geography,economics(so long as they are not arts or sciences).you could also opt for proffessional courses like CIMA,ACCA,CIS or other local courses. you could also do articles with other accounting organisations/firms that allow you to do articles. i dont know whether i've been of help to you.you could try asking at any college or university,depending on where you want to study accounting-if that's what you want to do,they do help you decide or you could get a prospectus form any college or university.They usually show courses on offer and what is required for you to do that course or programme.
Answer 7 :
Need more info. Do you mean bookkeeping or accountancy? Do you want to be an auditor, tax specialist or general accountant? They all require pretty much the same basic qualifications before enrolment, but the particular qualification you choose will determine which course you take and which professional body suits your purpose.
Answer 8 :
this depends entirely on your situation. Any degree will do, it doesn't have to be finance related to enter for Accountancy exams (check out acca.co.uk). If you mean at Uni, check out some different uni's prospectus's and they will give you entry requirements, usually grades rather than specific subjects. Don't get bogged down in the specifics of what you want to specialise in just yet. Uni and ACCA/CIMA/CAT all have compulsary subjects to begin with so you can figure that out as you go along. But be ready for a challenge. My ACCA results are out next week and I am scared! Good luck with it though.
Read more other entries :
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