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Sivaganesh 16/03/2016 in  BCom Tuition

How can I calculate accrued vacation pay?

A.sunderraj replied | 04/04/2016

Accrued vacation pay is the amount of vacation pay which has been earned by the employee but has not yet been paid to the employee.

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Rajashri Meenakshi replied | 17/06/2016

Accrued vacation pay is the amount of vacation time that an employee has earned as per a company's employee benefit policy, but which has not yet been used or paid. This is a liability for the employer.

The following discussion of accounting for accrued vacation pay can also be applied to holiday pay. The calculation of accrued vacation pay for each employee is:

Calculate...  more»
Accrued vacation pay is the amount of vacation time that an employee has earned as per a company's employee benefit policy, but which has not yet been used or paid. This is a liability for the employer.

The following discussion of accounting for accrued vacation pay can also be applied to holiday pay. The calculation of accrued vacation pay for each employee is:

Calculate the amount of vacation time earned through the beginning of the accounting period. This should be a roll-forward balance from the preceding period. This information can be maintained in a database or electronic spreadsheet.
Add the number of hours earned in the current accounting period.
Subtract the number of vacation hours used in the current period.
Multiply the ending number of accrued vacation hours by the employee's hourly wage to arrive at the correct accrual that should be on the company's books.
If the amount already accrued for the employee from the preceding period is lower than the correct accrual, then record the difference as an addition to the accrued liability. If the amount already accrued from the preceding period is higher than the correct accrual, then record the difference as a reduction of the accrued liability.
Example of Accrued Vacation Pay
For example, there is already an existing accrued balance of 40 hours of unused vacation time for Fred Smith on the books of ABC International. In the most recent month that has just ended, Fred accrued an additional five hours of vacation time (since he is entitled to 60 hours of accrued vacation time per year, and 60 / 12 = five hours per month). He also used three hours of vacation time during the month. This means that, as of the end of the month, ABC should have accrued a total of 42 hours of vacation time for him (40 hours existing balance + 5 hours additional accrual - 3 hours used).

Fred is paid \$30 per hour, so his total vacation accrual should be \$1,260 (42 hours x \$30/hour). The beginning balance for him is \$1,200 (40 hours x \$30/hour), so ABC accrues an additional \$60 of vacation liability.

Use it or Lose it Policy
What if a company has a "use it or lose it" policy? This means that employees must use their vacation time by a certain date (such as the end of the year), and can only carry forward a small number of hours (if any) into the next year. One issue is that this policy may be illegal, since vacation is an earned benefit that cannot be taken away (which depends on the law in each state). If this policy is considered to be legal, then it is acceptable to reduce the accrual as of the date when employees are supposed to have used their accrued vacation, thereby reflecting the reduced liability to the company as represented by the number of vacation hours that employees have lost.

Pay Raise Effects
What if an employee receives a pay raise? Then you need to increase the amount of his entire vacation accrual by the incremental amount of the pay raise. This is because, if the employee were to leave the company and be paid all of his unused vacation pay, he would be paid at his most recent pay rate. If a company awards pay raises to all employees during the same time period in each year, this can result in a sudden jump in the vacation expense accrual.

Sabbatical Effects
There may be situations where a sabbatical leave is granted so that an employee can perform public service or research that benefits the employer in some manner. In this situation, the compensation paid to the employee is not related to prior services rendered, and so should not be accrued in advance. In the more likely event that a sabbatical is based on prior services rendered, the employer should accrue the cost of the sabbatical during the required service period. «less

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Nandita 15/03/2016 in  BCom Tuition

Rajan replied | 02/07/2016

equity in the conext of company means equity capital. holders of equity shares are owners of unit.

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Anu replied | 05/07/2016

Equity means capital of a firm... it is also called a s owner capital...it is raised by inviting public... equity also give benefit of trading on equity.... equity gets more benefit at the time of more profit ...equity gets oll d money after debt imterest & prefrence dividend ...they have a right of voting in a meeting....

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. 15/03/2016 in  BCom Tuition

Rahul replied | 09/06/2016

Long-term debt consists of loans and financial obligations lasting over one year.

Kapil Dev replied | 09/06/2016

Long term debt is debt which is payable after period 12 months.

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Shreyansh 15/03/2016 in  BCom Tuition

Jyoti Bhardwaj replied | 20/06/2016

Amount (included sales tax) * sales tax rate / 100+ sales tax rate

Mahesh replied | 22/06/2016

Its very simple, Just apply this formula

sales tax=Amount of Receipt*tax rate/(100+tax rate)

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Soumya 15/03/2016 in  BCom Tuition

What is a capital account?

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Arunavo replied | 22/05/2016

Transaction on long term aspect not related day to day to activities.e.g purchasse of fixed assrt

Devinder Singh replied | 13/07/2016

In Simple terms, Capital account show the money invested by owner's or shareholders

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Neha 15/03/2016 in  BCom Tuition

What is a lease?

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Bhavin replied | 15/03/2016

Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or lease payments. A long-term written lease (also called a deed)...  more»
Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or lease payments. A long-term written lease (also called a deed) creates a leasehold interest which in itself can be traded or mortgaged, and is shown as a capital asset in a firm's books. Advantages of leasing include (1) lack of restrictive covenants (common in bank loans and bond indentures), (2) conservation of capital (because the lessor provides 100 percent financing), (3) tax savings (in most cases), (4) avoidance of the risk of obsolescence, and (5) relative ease of obtaining a lease as opposed to a comparable bank loan. «less

Ketan Khurana replied | 07/07/2016

Transfer of right to rnjoy such immovable property,made for a certain time or in perpetuity in consideration of price paid or promised

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Atharva 14/03/2016 in  BCom Tuition

Rajshree Shriwas replied | 07/06/2016

A shareholder or stockholder is an individual or institution (including a corporation) that legally owns a share of stock in a public or private corporation. Stockholders are granted special privileges depending on the class of stock.

Charu Sharma replied | 08/06/2016

The person who holds the stock of company. Stock includes shares, debentures, bonds, derivatives etc.

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Bhuvana 14/03/2016 in  BCom Tuition

What is the cash flow statement?

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Rohit replied | 31/05/2016

AS -3 deals with Cash Flow Statement . It is statement which provides the resources from where cash has been received by business(cash inflow) and the resources where cash has been paid by business(Cash Outflow).All the cash inflow and oujtflow has been categorised into three major head i.e cash flow from operating activities, cash flow from investing activities and cash flow from...  more»
AS -3 deals with Cash Flow Statement . It is statement which provides the resources from where cash has been received by business(cash inflow) and the resources where cash has been paid by business(Cash Outflow).All the cash inflow and oujtflow has been categorised into three major head i.e cash flow from operating activities, cash flow from investing activities and cash flow from investing activities. «less

Amandeep Singh replied | 13/07/2016

It is a financial statement which is prepared to calculate the inflows and outflows of cash for a particular period.
Formula for Net cash flow=inflows of cash - outflows of cash.

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Meenakshi 13/03/2016 in  BCom Tuition

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Vanividya replied | 25/06/2016

The Financial transaction of the business entity is divided into debit or credit transaction. Every transaction will have 'debit as well as credit transaction as per double entry system of book-keeping'.

THE GOLDEN RULES OF DEBITS AND CREDITS ARE:
1. Personal a/c : Debit the receiver and
Credit the giver

2. Real a/c ...  more»
The Financial transaction of the business entity is divided into debit or credit transaction. Every transaction will have 'debit as well as credit transaction as per double entry system of book-keeping'.

THE GOLDEN RULES OF DEBITS AND CREDITS ARE:
1. Personal a/c : Debit the receiver and
Credit the giver

2. Real a/c : Debit what comes in and
Credit what goes out the entity

3. Nominal a/c : Debit all expenses and losses, and
Credit all incomes and gains. «less

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Debasish replied | 30/06/2016

In double entry book keeping system, Debit (DR) and Credit (CR) have important roles to journalize the transactions. For Every debit, there must be equal amount of credit for balancing.

The Golden Rules classifies the account in to 3 type and signifies the rules for debit and credit.

1) Personal Account ; 2) Real Account; 3) Nominal Account

Rule...  more»
In double entry book keeping system, Debit (DR) and Credit (CR) have important roles to journalize the transactions. For Every debit, there must be equal amount of credit for balancing.

The Golden Rules classifies the account in to 3 type and signifies the rules for debit and credit.

1) Personal Account ; 2) Real Account; 3) Nominal Account

Rule For Personal Account- Debit the receiver and Credit the Giver
Rule for Real account- Debit what comes in and Credit What goes out
Rule for Nominal Account- Debit all Expenses / Losses and Credit all Incomes / Gains.

The double entry accounting system also prevails the accounting equation, Asset = Liability + Equity
The criteria for Debit and Credits are applicable for all elements in the accounting equation mentioned below.
Asset- Increases (Debit) | Decreases (Credit)
Liability- Increases (Credit) | Decreases (Debit)
Equity- Increases (Credit) | Decreases (Debit)
Note:The Net profit or portion of net profit always increases the values of Equity and at the same time Net Loses or Portion of Net Losses decreases the value of Equity
Profit = Income - Expenses
Losses = Expenses - income
Therefore, increase in Income and Decrease in Expense are always Credit and Decrease in Income and Increase in Expense are always Debit. «less

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Am 13/03/2016 in  BCom Tuition

Mamta Dahiya replied | 21/06/2016

It is those rules of action or conduct which are adopted by accountants universally while recording accounting transactions.they are the rules which are followed in treating various items of assets,liabilities,expenses income,etc.
For example, inventory should be valued at lower than its cost

Mahesh replied | 22/06/2016

A general law or rule adopted or professed as a standard for practice of accounting operations and
reporting on the basis of unity of understanding and universal practice among the corporate units is termed as a
"Accounting Principles"

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Balakrishna 13/03/2016 in  BCom Tuition

What are gross sales?

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Himanshu Patel replied | 21/06/2016

Gross sales is total amount of all your monetary transactions without any deduction

Amandeep Singh replied | 12/07/2016

it means total sales without deductions of sales returns & discounts as well as sales allowances.

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Indu 13/03/2016 in  BCom Tuition

What is payroll accounting?

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Mitesh replied | 30/04/2016

accounting related to employees

Mamta Dahiya replied | 21/06/2016

Payroll accounting involves a company's recording of its employees' compensation .

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What is the difference between revenues and earnings?

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Nitin replied | 21/03/2016

Revenues is the gross amount earned from selling goods or providing services during the period shown in the heading of the income statement. In other words, revenues is the amount earned before deducting the cost of goods sold, expenses, and losses.

Earnings is the net amount earned after deducting the cost of goods sold, expenses and losses. It is often presented as...  more»
Revenues is the gross amount earned from selling goods or providing services during the period shown in the heading of the income statement. In other words, revenues is the amount earned before deducting the cost of goods sold, expenses, and losses.

Earnings is the net amount earned after deducting the cost of goods sold, expenses and losses. It is often presented as net earnings or net income. «less

Manjit replied | 25/03/2016

In simple words, revenue is total sales proceeds and earning is revenue minus cost.

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Muskaan 12/03/2016 in  BCom Tuition

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Debasish replied | 30/06/2016

Revenue Expenditures are incurred during the ordinary course of business for carrying out usual operational activities. And no future economic benefits are related to these expenditures.

For Example: With the event of Purchasing one Machine, future economic benefits are related to this event. Because Business must have concern to manufacture the products using the machine...  more»
Revenue Expenditures are incurred during the ordinary course of business for carrying out usual operational activities. And no future economic benefits are related to these expenditures.

For Example: With the event of Purchasing one Machine, future economic benefits are related to this event. Because Business must have concern to manufacture the products using the machine for more than one year. Therefore, purchasing machine is not revenue expenditure, this is the capital expenditure. However, payment for factory wages, printing and stationary expenses, purchasing raw material are the revenue expenditures. Because the economic benefits will not be derived in future, the economic benefits derived are for particular financial year only.

Capital Expenditure are always shown in the balance sheet at asset side., however revenue expenditure are treated as an expense item in Profit and Loss Account. «less

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Karan replied | 30/06/2016

Capital expenditures are those expenditures which enhance the capacity of the asset beyond its standard. Here the standard means the orignal capacity of the asset when you bought it. For example if you purchase an inverter before 3 yr embeded battery of say 200 MAH.and now if you spent Rs.20000 to purchase a new battery for such inverter of same capacity then here you are not enhancing...  more»
Capital expenditures are those expenditures which enhance the capacity of the asset beyond its standard. Here the standard means the orignal capacity of the asset when you bought it. For example if you purchase an inverter before 3 yr embeded battery of say 200 MAH.and now if you spent Rs.20000 to purchase a new battery for such inverter of same capacity then here you are not enhancing the capacity of such inverter beyond the standard.however if you bought a battery of say 250 MAH then it will lead to enhancment of capacity beyond standard. And all of such expenditure including freight and installation charges if any should be capitalise. If an expense did not enhance the capacity or is not providing benefits of enduring nature then such expense should be treated as Revenue expenditure. «less

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Franziska 12/03/2016 in  BCom Tuition

Charu Sharma replied | 14/06/2016

All the journal entries which has been journalised are posted to Ledger. It shows the complete accounting transaction party wise. With the help of Ledger We can prepare Finanicial Statement of an entity.

Josh replied | 15/06/2016

General Ledger means.....
Every business has a variety of expenses and ways of earning income, just as you have different bills and different income streams. Like you, a business may have utility bills, rent expenses, and vehicle repair costs, while its income may come from different places, such as sales, interest from bank accounts, loans, or from selling items that the company...  more»
General Ledger means.....
Every business has a variety of expenses and ways of earning income, just as you have different bills and different income streams. Like you, a business may have utility bills, rent expenses, and vehicle repair costs, while its income may come from different places, such as sales, interest from bank accounts, loans, or from selling items that the company owns. You might record these events as they occur in your life in your check register. For a business, all of these financial events, or transactions, must be recorded in their financial books. The general ledger is a company's master account book, with all of the various accounts in one place. The general ledger is used in conjunction with a couple of other accounting tools. «less

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Bhawna 12/03/2016 in  BCom Tuition

What is the difference between income and profit?

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B.nikitha replied | 17/06/2016

Income means the total amount you earned through the operations whereas the profit means the excess of the earnings over the cost spent for earning the total amount

Amandeep Singh replied | 13/07/2016

Income means what you earn as business or any other way say interest etc.profit is different from income.it is calculated by deducting all your expenses from income.for e.g ur business income is 50000 and your expenses of running business is 20000.then your profit will be 50000-20000=30000.

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Suresh 11/03/2016 in  BCom Tuition

How should I study accounting?

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Shrimathi Aravind replied | 06/05/2016

Hi Create interest in the subject. First you should understand the main reasons for creating the accounts, then understand the formula to be used. Finally you can proceed with working and solving the problems. So daily you should allot time for accounts atleast one hour.
If you have any doubts you can contact me within 10am to 4pm.
All the Best.

Ashish replied | 13/05/2016

It's 2nd math.practice and make one page pull sheets to remember stuff and terms.

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Sahiba 11/03/2016 in  BCom Tuition

What is capital account?

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Harmanjot replied | 13/03/2016

It is the account in which the owner's investment is recorded plus the net income earned by the company minus the draws made by the owner. Current year net income and draws will be in temporary accounts until the end of the year.

Devinder Singh replied | 25/06/2016

In simplest mean that owner of the company who invest in company

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Nicholas 10/03/2016 in  BCom Tuition

How to find compound interest for n months?

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Nandan replied | 06/07/2016

P(1+r/100) raise to power n

Kapil replied | 14/07/2016

(1+i)^n

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Nicholas 10/03/2016 in  BCom Tuition, Social Work(BCom Tuition)

When is the dual simplex method useful than simplex method?

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Lalit replied | 01/04/2016

When no of constraints are more than no of constraints.

Lalit replied | 01/04/2016

When no of constraints are more than no variables then we use dual simplex metod because it reduces our calculation work.

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S 05/03/2016 in  Home Science(BA Tuition), Anthropology(BA Tuition), BCom Tuition Commerce(BCom Tuition) Education(BA Tuition)

Which book is good for Physics and Biology

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Sai 24/02/2016 in  BCom Tuition

Dinesh replied | 04/03/2016

Accounting is a process which starts after Book keeping and it is an art of identifying,measuring and communicating economic information to permit informed judgements and decisions by users of the information.

Shanmugam replied | 10/03/2016

In business language, Accounting means Keeping records of a business transaction in monetary terms and classifying, summarizing and interpreting the recorded transactions.

In a layman language, Recording all the business transaction in a standard format to know or track the status of the respective business. It helps to calculate the profit or loss, to check the inventory...  more»
In business language, Accounting means Keeping records of a business transaction in monetary terms and classifying, summarizing and interpreting the recorded transactions.

In a layman language, Recording all the business transaction in a standard format to know or track the status of the respective business. It helps to calculate the profit or loss, to check the inventory balance, current cash or Bank balance and to prepare various financial statements for analysis. «less

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Poulami 22/11/2015 in  BCom Tuition

Mitesh replied | 07/12/2015

43.8462

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Swaminathan replied | 03/03/2016

33.6%

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Kavita 16/11/2015 in  BCom Tuition

400 per hour for home tuition.

Regards

Cgebs replied | 20/04/2016

5000/-

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Golden 02/11/2015 in  BCom Tuition

Ranjith replied | 10/03/2016

You have plenty of options. If you want to settle in banking then B.Com is the best option as you will have sound accounts knowledge.
If you join MBA Finance from a good college, then you will get into good company in placements.
Please feel free to contact me if you want career guidelines

Devinder Singh replied | 16/06/2016

CA is also the best scope if you will be interest ed in that profession.

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