liabilities??? accounting?

is health insurance a liability? so when I input it should it be under liability or expense
i just took over books for ths company and they have some inputted as ins-owner under liability and then some inputted as ins. as an expense….

It’s an expense – when you cancel it, you stop paying. A liability is like a loan – you have to keep paying until the entire amount owing is paid

Accounting Basics 4- Liabilities

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accounting straight line depreciation?

On January 1, 2007, the Ewing Company ledger shows Equipment $32,000 and Accumulated Depreciation $14,000. The depreciation resulted from using the straight line method with a useful life of 10 years and a salvage value of $2,000. On this date the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation.
How would you compute this? I looked in my book but am having trouble.

$32,000 – $14,000 = $18,000
($18,000 – $2000) / 2 yrs = $8000 Annual Depreciation Expense

FA 9 5 Declining Balance Depreciation

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I am in a accounting course and i need help with owners capital?

They asking me to separate investments from owners capital, and i have no idea on what the investments could be or are? May you help me?

From the company’s point of view, investments are its assets and are debits. Its owner’s capital is equity and is a credit.

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The main purpose of the consistency convention of accounting is the facilitation of which of the following?

a. Accrual accounting
b. Fair year-to-year asset valuations
c. Comparability of financial statements
d. Neutralization of the effects of inflation

Comparability of financial statements

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Should I do a degree in Accounting OR Finance?

Which would provide more career opportunities?

Having a degree in accounting will provide you with many opportunities in your future. First, you will have a specialized skill set that the majority of the population cannot comprehend. This means that you will always be in demand by individuals and firms alike. Second, you can take a year long master’s course to get the required hours to sit for the C.P.A. Once you have earned your C.P.A. license you will never have trouble finding a job. Accounting is where many executives of large corporations began their careers. The accounting curriculum provides students with a wide array of knowledge in business topics that is essential to becoming a successful business person.

Finance is very interesting. You learn the different investment vehicles and ways to maximize return on your investments. However, most colleges require accounting students to take a few finance classes or you could choose to take them as electives. Finance majors are required to take accounting classes as well, but the accounting degree provides a more specialized skill set than does finance. Accountants typically understand most finance knowledge and so I believe accounting provides a more well rounded education.

Many accountants do not stay in the accounting field, they typically progress to upper management positions where they have broad responsibilities. Professionals agree, the accounting background provides ambitious individuals the necessary skill set to succeed in any business environment.

An important tip: start young getting internships. If you make good grades you can get internships by your sophomore year making $20/hr.

Accounting Degree

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Is there any free online accounting program for small businesses (not personal finance)?

I have a small home-based business and do not have money to spend on expensive software or monthly subscriptions. I would prefer to use something online that doesn’t require me to download anything so I can access it from any computer and my phone. Are there any truly free programs like this?

probably not.

if it is a small home-based business, then just use microsoft excel or word. i’ve used excel and word for my accounting homework and it wasnt really hard to use. and if u cant afford excel, then go to open office and download their free version of excel.

Network in an Online Accounting Class

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should a company be allowed to account for asset appreciation and asset impairment?

Generally speaking, a company is required to account for impaired assets but prohibited from accounting for asset appreciation.

The reasoning is fairly simple: an asset that is impaired needs to be accounted for to avoid misleading investors. Imagine if a car dealership reported all the cars on its lot as assets after they were made worthless by a flood! Typically, impairment is fairly easy to identify.

Appreciation is not taken into account because of difficulties in measurement and also the potential for investors to be misled. If every company had to revalue all of their assets after each accounting period, they would spend all their money on accountants and appraisers. Plus, this would be quite open to manipulation, as the job of an appraiser has a large amount of subjectivity. It is much less expensive and subjective to account for asset appreciation at the time the asset is disposed (as a gain or loss).

Fairvalue #567 Fair Value Accounting Standards

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What assumptions is accounting profit based on?

How could a change in assumptions generate a different profit figure?

Assumption drive everything because it is the basis of revenue.

In other words you assume that you are going to have 5 sales at 100 a piece for a $500. If due to forecasting that number goes up or down it affects your revenue projection.

Cost Reduction, Accounting Profit and Margin Improvement

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what does waiver of inventory and accounting mean in probating a will in Arkansas?

They are documents, signed by an heir, that states that they do not require the executor of the estate to prepare an inventory of assets for the estate

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Short Selling question?

ok so your a fairly wealthy individual and you own 500,000 shares of a small cap company with a market capitalization of 1 billon dollars. each share is $15 you sell all 200,000 shares because you think the compnay has a crapy management blah blah blah. You tell another investor that you will be selling 200,000 shares. He short sells 500,000 but for giving him that information you ask him to cut you in on 10%. do you make money?

1. It depends on other things like:
a. What price did you purchase the 500,000 shares for?
b. So your investor friend shorted 500,000 – he still has to buy them back. What will happen to the stock price when he covers?

2. The opening price of a stock on the ex-dividend date is adjusted down for the dividend.

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Should I just ignore accounting all together + focus on teaching?

the facts:
1. low gpa, but will probably bring it up to a 3.0-3.2 and stay around that until i graduate rutgers
2. b/c of current low gpa + competitiveness of RUBiz School, changed major to English and plan to become a high school teacher

Stick to English!!!

What can you expect as a Chartered Accounting Graduate?

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Personal opinion, which career path has more opportunities, Tax accounting or Professional accounting (Audit)?

I am having a hard time making a choice between the two (I know most people would choose a completely different path). I like the idea of working for a Big four audit firm and later making a transition to industry later to become a Controller or what not. I also like the consulting opportunities that a tax based career could offer.

You’re looking at two completely different sides. Audit leading to a Controller means you are working for someone else. If you look at tax and go to consulting you can very well open your own business. They both have great opportunities. It’s a matter of which you like more. One thing to thing about since it sure sounds like you like both. Why not go into audit and work for a Big Four for a few years and gain incredible experience auditing different companies. You get to learn how the efficient and inefficient companies are run and learn to avoid certain pitfalls. When you are ready to strike out on your own you will have a nice advantage.

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accounting advice?

38

There’s no wages income involved, so it’s either C or D.
Wages accrued is increasing the wages expense account, which is a debit account, so we debit Wages expense, abd Credit wages payable. The wages payable is a credit account, because the people we owe the money to are our creditors.

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Is it going to be hard for me to find a job with a bachelors degree in Accounting, with a high GPA?

I was wondering since there has been a lot of talk about people not getting jobs. I thought to myself this is probably because people go into business and psychology where you don’t really get a skill. Is it true that accountants will always be needed, and that there will always be job openings in the field?

It should not be too hard. I employ accounting students as part of my job and my firm actually has a hard time filing our entry-level positions with good students. Yes accountants will not only always be needed, they can work ANYWHERE for ANY company. Biology majors do not have the option to work for Disney, Microsoft, or ANY other Fortune 100 company, YOU will!

Become an Accountant : Why Study Accounting?

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Anyone know where I can find a list of all Accounting accounts?(with debits and credit information)?

i just want to know whether
Retained earnings is balanced at a credit or debit?

The other answerer is right in that there is no such list. You name your accounts any way you want to. However the principles apply – Assets, costs and expenses are debits; liabilities, capital and revenues are credits. Retained earnings is usually a credit, unless the company has made losses such that the retained earnings account has gone into a debit. When the retained earnings is in debit, most people term that Accumulated losses, but there’s no hard and fast rule.

COGS is always a debit.

Accounting Tutorial Accounts Payable Training Lesson 10.1

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