Questions tagged [accounting]
for questions that relate to the laws, practices, and products of accounting. Please note that questions about accounting that are academic or have no bearing on personal finance are off-topic here.
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Why do we still need double-entry bookkeeping in the age of computers?
I recently learned a bit about double-entry bookkeeping and although I believe I understood the how I didn't really understand the why. At first it seems to me that splitting each account into debit ...
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VAT Treatment of Foreign Expenses without Invoice
My client operates a company based in the UAE and maintains several bank accounts, including one in the USA. The US bank levies various fees, such as transfer fees and monthly fees, which are ...
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Are Dividends part of operating earnings?
Berkshire Hathaway owns shares in many public traded companies and those shares pay a cash dividend. Recently Berkshire Hathaway reported earnings. The earnings report can be found at the following ...
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Is the Canadian capital cost allowance applicable in the year an asset is sold?
My company sold an asset near the end of the year. Can I claim CCA for the portion of the year the asset was in use? Based on my understanding of Schedule 8 Part 2 Note 18 and 19, this does not seems ...
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Amortization of patent when useful life exceeds legal life [closed]
Say that "Juan" has a patent with a legal life of ten years. However, because the patent applies to an extremely niche area with no competitors, he estimates that its actual useful life is ...
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Lemonade stand in ledger cli
The Accounting Game
There's a book that introduces accounting called The Accounting Game by Mullis and Orloff:
ledger-cli file
Here's one approach to implementing the transactions from chapter 1 in ...
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Do I need to report income for a non-profit Japanese club in the UK?
I'm setting up a Japanese club for kids in London, UK. The idea is that parents would pay into a community account and we would hire native speakers to run lessons/events, rent out a venue, etc. The ...
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What is the benefit of WB shelving finished movies? [closed]
WB Discovery are in hot water due to their decision to shelve several already done movies and not releasing them, Batgirl and Coyote vs. Acme among them to get a tax write-off for them.
I don't ...
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Why is prepayments and receivables recorded as one item in BABA's balance sheet?
I'm reading the fillings of BABA, https://www.sec.gov/Archives/edgar/data/1577552/000110465924011604/tm245446d1_ex99-1.htm
I noted something unusual in the balance sheet, the Prepayments and ...
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how to properly record details of big purchase into the ledger? [closed]
Suppose I bought the car for $10k. I would imagine that journal entry for the purchase would include $10k on debit and credit side and go to accounts like 'Payable' and 'Assets'.
Suppose I need to ...
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I can't understand what equity is
I know there is dozen materials out there on the internet, but I can't wrap my head around equity. From the accounting equation I know that assets = liabilities + equity.
assets are the things the ...
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Add to existing invoice, or create new invoice
Let's say I rent a car for $300 and I don't pay upfront. The car rental company issues me Invoice #1.
I return the car and have used excess mileage, so owe an additional $50.
I pay with my credit card;...
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What does share of equity mean?
The following is from Exxon Mobil's website which can be found at:
Exxon Mobil's Balance Sheet
It has the following line in it:
Exxon Mobil share of equity 199,703 195,049
What do ...
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Loan: calculate number of monthly payments with fixed annual interest, fixed montly payment, and 1 additional payment per year
The situation is the following. Consider a loan of 430,000 units (dollars or whatever).
The client will pay 10,000 units per month.
The client will pay an additional 70,000 units every 12th month of ...
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Do I need to file form 5472?
I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever.
I paid a third ...
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