what does yoy stand for
YoY stands for year over year. YoY is one of the most commonly used financial comparison used to compare two or more events for two …
In which of the following types of accounts are decreases recorded by credits A. Liabilities B. Owner’s capital C. Drawing D. Revenues
In which of the following types of accounts are decreases recorded by credits Liabilities Owner’s capital Drawing Revenues The correct answer is Drawings. As you …
Debit always means a. on the right side of the account b. increase c. decrease d.none
Debit always means: right side of an account. increase. decrease. none of these The correct answer is option d which says, “none of these”. Debit …
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What is Gross Income? Explanation with Examples
Gross income is the total income of an individual before any deductions. This income is also called as Gross pay and it’s the total amount …
Where is a Loss on disposal of a plant asset reported in the financial statements?
A loss on disposal of a plant asset is reported in the income statement in financial statements. An asset when disposed is written off from …
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Direct method of statement of cash flows with examples
Definition The direct method is one of two accounting treatments used to generate a cash flow statement. The direct method uses actual cash inflows and …
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What is a Trial Balance?
A trial balance is a two-column schedule in which the total of accounts with debit balances is equal to the total of accounts with credit …
What is another name for bookkeeper?
There is no exact another name for a bookkeeper. However, in practice, clerks are often assigned the duties of a bookkeeper. But this doesn’t make …
Is bookkeeper one word?
As a professional in the field of accounting and finance, we often use the word “Bookkeeper”. Sometimes we are asked “is bookkeeper one word?”. The …
Importance of a Bookkeeper
A bookkeeper is someone who records financial transactions for a business, individual or a non-profit organization. A bookkeeper has a prime importance to a business. …