Monday, June 6, 2011     17:19

Frequently Asked Question

1.What is Banking & Forensic Accounting?
Forensic accounting has progressed into an effective method to identify, categorize and track banking and monetary activities that were inappropriately handled or verify that financial processes were proper. In addition to the obvious sensitive nature of the accounting for banks and other financial institutions, all corporations perform complex banking activities that might involve irregularities. Forensic accounting helps maintain the integrity of banking transactions and financial statements.

2. How to Ledger a Business Checkbook?
Often, small-business owners or those who are self-employed do not necessarily benefit from purchasing accounting software and going through the learning process to use it to record business transactions. Good record keeping is important to managing a business's cash flow and for preparing financial statements and tax returns, so a minimal amount of accounting is required in order to properly run the business. Most small businesses can manage efficiently through maintaining a ledger of the business checkbook.

3. What Is Open-Book Accounting?
Open-book accounting is the business practice of allowing investors or creditors to view and analyze accounting books in order to confirm that everything is being properly recorded and utilized.

4. In what way to Record an Accounting Business Loan?
All businesses need some kind of financing. Often this financing will come as a loan from a commercial bank. A loan must be repaid with interest over an established period of time. It can be short term or long term; a short-term loan is scheduled to be repaid in less than one year, while a long-term loan is for more than one year. Commercial bank loans appear on the balance sheet of the borrower as a note payable and will be classified as either a short-term or long-term liability.

5. What is Debtors Control Account?
Debtors Control Account reflects the total amount owed by the all the individual debtors. The balance of the debtors control account should equal the total of the debtors list, which represents the amounts owed by the individual debtors obtained from the individual balances in the numerous subsidiary ledger accounts for each debtor. This subsidiary ledger is known as the debtors ledger.

6. In what way to Plan a Financial Budget?
A financial budget permits you to plan how and when to spend your money. Your budget must match your personal financial goals and priorities. It is significant to be realistic when setting your spending limits. You can make your budget work with creative planning, and through carefully tracking your expenses through the month. People who are successful at budgeting reach their financial goals and build wealth. A budget is a significant part of good financial management.

7. Exactly how to Create a Personal Budget Plan?
Learning to create a personal budget plan for oneself can be a challenge if you're not accustomed to using one. Maybe you already have a general idea of where your money goes every month but haven't taken the time to really focus on the particulars. Maybe you have no idea at all and you're just kind of winging it. Either way, I've outlined some specific steps to creating a personal budget plan which should make it easy for you to manage your finances and become more organized with your income.

8. By what method to Prepare Financial Statements?
There are three primary types of financial statements: balance sheet; income statement; and cash flow statement. Knowing how to report your income sources and record how that income is spent can help you maintain accurate records and prepare income tax forms.

9. How to Prepare Financial Statements for Small Businesses?
Preparing financial statements for small businesses can be a challenge, particularly if the firm doesn't use an accounting software and is disorganized. The basic financial statements of a small business are usually the balance sheet and income statement, although there could be special financial reporting for banks and investors. The Internal Revenue Service also requires financial reports for tax purposes at year-end.

10. What is Fixed Asset Accounting Rules?
A fixed asset or long-term asset is an economic resource that a company can use for more than a year. In contrast, a firm converts into cash (sells) a current asset within 12 months. Instances of fixed assets include land, equipment, office buildings, machines and plants. Current assets may be cash, accounts receivable or inventories.

11. What is Insurance Accounting Basics?
One peculiar aspect of the insurance industry is the great lapse of time between the revenues on the one hand and the related expenses on the other--in other words, between the receipt of premiums from policyholders and the payment of claims. This gap makes actuarial estimates (of the expected longevity of the insured, for instance, in the case of life insurance) a critical factor in determining the profitability, even the solvency, of a firm.

12. How to Account for Insurance Proceeds?
If your business receives insurance proceeds due to a loss claim, you require to properly account for the insurance proceeds on your accounting general ledger. Since insurance claims are usually uncommon occurrences, all costs associated with the loss and proceeds received to offset the loss should be recorded in the extraordinary income and loss section of the general ledger in order to separate those financial transactions from normal business operating transactions.


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