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September 20, 2025, 12:55:33 am
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Author Topic: Your questions answered.  (Read 26934 times)  Share 

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TyErd

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Re: Your questions answered.
« Reply #90 on: June 07, 2010, 04:14:23 pm »
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purpose of commencing entries?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

TyErd

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Re: Your questions answered.
« Reply #91 on: June 07, 2010, 04:16:27 pm »
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Why are some accounts balanced rather than closed?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

mmmmm

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Re: Your questions answered.
« Reply #92 on: June 07, 2010, 04:18:15 pm »
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Quote from: TyErd on June 07, 2010, 04:16:27 pm
Why are some accounts balanced rather than closed?

in preparation for the next reporting period? :S
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LFTM

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Re: Your questions answered.
« Reply #93 on: June 07, 2010, 04:20:04 pm »
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Quote from: TyErd on June 07, 2010, 04:16:27 pm
Why are some accounts balanced rather than closed?

Because assets, liability and the capital account carry forward to the next reporting period?
Someone confirm.
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Albeno69

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Re: Your questions answered.
« Reply #94 on: June 07, 2010, 04:23:00 pm »
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Quote from: LFTM on June 07, 2010, 04:20:04 pm
Quote from: TyErd on June 07, 2010, 04:16:27 pm
Why are some accounts balanced rather than closed?

Because assets, liability and the capital account carry forward to the next reporting period?
Someone confirm.
yea where revenue and expenses need to be  closed- reporting period principal.
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TyErd

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Re: Your questions answered.
« Reply #95 on: June 07, 2010, 04:24:43 pm »
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Is there any benefits of having a net negative operating or financing?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

TyErd

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Re: Your questions answered.
« Reply #96 on: June 07, 2010, 04:25:56 pm »
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benefit of preparing a cash flow statement instead of the statement of receipts and payments
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

TyErd

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Re: Your questions answered.
« Reply #97 on: June 07, 2010, 04:26:49 pm »
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Why isn't GST included in the calculation of depreciation?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

TyErd

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Re: Your questions answered.
« Reply #98 on: June 07, 2010, 04:28:52 pm »
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benefits of classifying the balance sheet, p/l statement and cash flow statement?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

Albeno69

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Re: Your questions answered.
« Reply #99 on: June 07, 2010, 04:30:12 pm »
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Quote from: TyErd on June 07, 2010, 04:28:52 pm
benefits of classifying the balance sheet, p/l statement and cash flow statement?
understandability-
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TyErd

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Re: Your questions answered.
« Reply #100 on: June 07, 2010, 04:31:48 pm »
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explain why the bookkeeper cannot simply erase an incorrect entry and write the correct entry
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

Yitzi_K

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Re: Your questions answered.
« Reply #101 on: June 07, 2010, 04:33:32 pm »
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possibility of fraud. not sure how to link it to a QC, probs reliability though
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Albeno69

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Re: Your questions answered.
« Reply #102 on: June 07, 2010, 04:34:49 pm »
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Quote from: Yitzi_K on June 07, 2010, 04:33:32 pm
possibility of fraud. not sure how to link it to a QC, probs reliability though
reliability i would think you need a record of all transactions
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TyErd

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Re: Your questions answered.
« Reply #103 on: June 07, 2010, 04:35:17 pm »
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explain how depreciation ensures relevance in the p/l statement and the balance sheet?
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TyErd

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Re: Your questions answered.
« Reply #104 on: June 07, 2010, 04:36:33 pm »
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disadvantages of using perpetual inventory system
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner
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