Buying real estate in New York City can be, OK, it IS a major hassle. You have a whole bunch of different brokerages, most of which you’ve NEVER heard of if you don’t live in the area, compounded by school zones, co-op boards, tax abatements and assessments that folks living in […]
Accounting
Debit and Credit – Double Entry Bookkeeping Method
In the language of accounting, the left-hand side of an account is called the debit side. Thus, an account with left-hand entries greater in total than the right-hand entries is said to have a debit balance. The following accounts normally have debit balances: (a) Accounts Receivable (b)Cash (c) Fixed Assets […]
Incomplete Accounting Records
The accounting records of many smaller non-profit organisations such as clubs, cultural societies and small undertakings are often kept by means of a single entry accounting system. Nevertheless, details of the financial activities of such organisations and undertakings are available in different documents such as bank statements, invoices, accounts, wage […]
Old Age – Slow and Forgetful Or Wise and a Good Negotiator?
There are two stereotypes in circulation about aging and mental ability – a negative one and a positive one. We associate aging with becoming slower, less ‘on the ball’, and with memory loss. We also may link aging with the idea of wisdom and negotiation skills – useful for many […]
Michael Jackson & Farrah Fawcett – Estate Plan Wake Up Call
In the wake of the sad and tragic deaths of Michael Jackson and Farrah Fawcett, we are all reminded how fragile our lives can be and how quickly things can change. The death of these two iconic figures should be a call to many to put their estate plan in […]
Rectification Of Accounting Errors
Accountants prepare trial balance to check the correctness of accounts. If total of debit balances does not agree with the total of credit balances, it is a clear-cut indication that certain errors have been committed while recording the transactions in the books of original entry or subsidiary books. It is […]
Paradigms of Working Capital Management
INTRODUCTION For increasing shareholder’s wealth a firm has to analyze the effect of fixed assets and current assets on its return and risk. Working Capital Management is related with the Management of current assets. The Management of current assets is different from fixed assets on the basis of the following […]
Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting
Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Whereas accounting is comprehensive in perspective. It extends to classifying, summarizing, presenting and even analyzing accounting information . Accounting vs. Accountancy Body […]