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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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3answers
170 views

Why do the balance sheets of some large firms not balance?

I'm working my way through some accounting textbook and struggling to understand why some balance sheets on Yahoo Finance don't balance, as in: total assets - total liabilities != total shareholders ...
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0answers
52 views

Gnucash vs QuickBooks for both personal and business account

I'm considering keeping track of both personal and business accounts. I'm an old user of Gnu cash and I think I could manage with it. What would be the benefit to swapping to a new cloud accounting ...
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1answer
56 views

What happens to the initial shares after opening a LTD company?

I have just opened my first LTD company in the UK, and I am trying to understand the way one goes about it. Being a self taught person I have been trying to understand how it works by reading .GOV ...
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3answers
187 views

In double-entry book keeping, how should I track planned expenses

So, I'm working on getting a bit better at managing my household finances and am currently working to learn double-entry bookkeeping. One thing I need to separate out and track a little better is ...
2
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0answers
85 views

What does “going concern” mean?

A local politician is spreading demeaning comments about a company that has its accounts done using a “going concern” basis. My understanding is that this just means that it is assumed that the ...
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2answers
78 views

Projected Benefit Obligation vs Accumulated Benefit Obligation

I am looking at an annual report from a company, with the goal being to assess the financial standing of their pension plan. I have come across a chart that outlines the companies pension liabilites, ...
4
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3answers
628 views

Am I being fair to my partner, or will she lose money?

My partner and I both have good degrees, and should be able to figure out simple arithmetic, but ... We work through our own company, which we share equally. I purchased an item which I will use for ...
2
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2answers
117 views

Why do debits/credits increase/decrease assets/revenues/expenses?

I'm taking an accounting course and am finding that I don't understand exactly why "A credit decreases assets, such as inventory", for example. I understand that selling creates a decrease in assets. ...
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1answer
36 views

Assigning transactions to projects in Ledger?

I find I really want to add an additional, orthogonal layer to the account hierarchy. Quicken and Quickbooks lets you do this, but I'm not sure what the best way is in Ledger. I wish I could do ...
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0answers
51 views

Security Analysis (Ben Graham): LIFO question

I'm currently reading/studying Benjamin Graham's work in Security Analysis (1951 edition) on page 112 & 113 he demonstrates the difference between FIFO and LIFO. Table 10 shows the difference ...
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1answer
65 views

Is there any resource that provides a list of the most used/common components of the different statements (e.g. balance sheet) of an annual report? [closed]

I am looking for a resource that provides a list of a "perfect": statement of financial position (balance sheet) statement of earnings statement of cash flow containing components (e.g. for the ...
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2answers
54 views

To which account in income statement realized gain/loss on marketable securities is assigned? [closed]

Accounting for available for sale marketable securities requires to recognize gains/losses as part of net income. But income statement typically has many accounts. For example Interest Income/Expense ...
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0answers
43 views

Expense lower due to reimbursement. How to put in administration?

I only recently started to document my financial administration properly. Before, I had an Excel file with all transactions of my bank account (and a separate one for my savings account). Recently I ...
0
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1answer
81 views

How to enter loans made, loans received, and capital contributions in GnuCash?

I just started using GnuCash to keep track of my personal expenses and to do the books in my business. I have no accounting experience, but so far it's pretty simple. I've entered the balances on my ...
0
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0answers
23 views

QuickBooks Desktop won't let me select Multiple U/M Per Item

I am working on a QuickBooks interface to an application. In the application, I allow users to create invoices and select the Unit of Measure from a list for each item. Reading through QuickBooks ...
1
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1answer
175 views

Non-Profit Accounting Boy Scouts won't fully disclose event budget [closed]

I'm extremely puzzled why the local Boy Scout council won't / can't disclose the budget of a recent 4 day day camp for cub scouts. Several parents have asked how our $100 / scout camp fee was spent. ...
1
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1answer
105 views

How to mark an invoice as bad debt to show as business expense

I have several invoices I've billed clients, and they have never paid. How would I label or categorize the invoice, so that it shows as a business "bad debt", and thus go as an expense on my P&L ...
3
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1answer
213 views

What paperwork is needed when receiving salary through the cryptocurrencies?

Supposedly I got a short-term software engineering remote contract which was agreed to be paid by the cryptocurrencies or tokens on the task-basis (e.g. receiving a certain amount of EOS tokens for ...
1
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1answer
72 views

Terminology question about chart of accounts, general ledger [closed]

I'm trying to learn the correct terminology for the place where I see ALL the "accounts" AND their balances in an accounting app. I use QuickBooks and if I want to see all of this, I click "Chart of ...
4
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2answers
286 views

Can a IT Ltd company gamble and claim the losses as an expense?

As a UK Ltd company is it legally expected that an IT company might bet the companies money and then claim the losses as an expense against that tax year?
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1answer
25 views

Cross listed stocks accounting [closed]

If a company buys the same stock from different exchanges, i.e. is a cross listed company how it must be accounted? (IFRS or GAAP). Note: clearly I'm not talking about registering the transaction, I'...
0
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0answers
27 views

GnuCash Report Dates

Am I able to set up reporting (Balance Sheet & P&L) on a weekly basis in GnuCash? I want to use this as a personal accounting program, not as a business. All transactions will be thru ...
0
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2answers
140 views

How to track multiple savings in a single bank account with double-entry accounting

I have multiple savings that I want to track, eg - new car, vacation, etc. I'm storing all the money for those in a single bank account. I'm not sure how to track this via double-entry bookkeeping. ...
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1answer
165 views

How to find net income/loss of a company based on equity along with owner's investment/withdrawals? [closed]

We know that net income/loss is found by this equation: Net income/loss = Revenues - Expenses But what if both revenue and expense statements are unknown? I have the following information of the ...
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1answer
67 views

Does Capital Expenditure include acquiring business? [closed]

I got curious if CAPEX includes acquiring other businesses. Thank you so much for reading it and have a good day!
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0answers
39 views

How to account for inventory returns to wholesaler?

USA 2017 tax question here. My wife has closed out her sole-proprietorship retail business last year, and as her arm chair accountant it falls to me to figure out her gains/losses. She was able to ...
44
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4answers
12k views

How to teach personal accounting to an 8-year-old

I try to teach my 8 year old daughter the basics of finance. She has some her own money (partly in a wallet, partly in a piggy-bank). Some time ago, she threw a short tantrum about "someone stealing ...
3
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1answer
53 views

Should ledger entries reflect actual bank charges, orders, or totals?

I recently purchased a few things on Amazon, but they split the items into multiple charges and orders: Order 1: $40, 2 items Order 2: $50, 1 item Order 3: $250, 5 items Charge 1: $40, Order 1 ...
2
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5answers
784 views

Should tax refunds be debited from expense or income accounts?

I've been using Ledger to keep track of my finances. A typical income entry looks like this: 2018-01-05 * My Company Assets:Cash:Checking 1,000 USD Expenses:Taxes:Federal:...
4
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4answers
2k views

Is the blockchain similar to double-entry book-keeping?

As far as I know, blockchains keeps transaction records from the beginning of time. This lets the blockchain retain a history of traceable transactions so it can maintain validity. Double-entry book-...
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0answers
24 views

Business Expenses in Sole Proprietor's Name

Do business expenses and inventory purchased need to be in the name of the person filing the taxes? We received a 1099K this year for a 'coffee fund' that generated money from t-shirt sales. However,...
37
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2answers
6k views

What does “gold reserves” on a gold mining company's balance sheet mean?

From a Reuters article: On Wednesday, [Newmont Mining Corp] reported gold reserves of 68.5 million ounces for 2017, unchanged from 2016, as it replaced reserves through exploration, projects, ...
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1answer
183 views

Business Accounting and Reimbursement of Expenses in a Partnership

This maybe a stupid question but I can't seem to get my mind around it. I have a partnership and we've both spent some money on start-up expenses for which we'd like to be reimbursed now that the ...
0
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1answer
133 views

Simple problem: how much cash was collected from customers? [closed]

Our professor posted this practice exam question, and I'm having trouble understanding why the answer key is correct: The balance in Accounts Receivable was $650,000 at the beginning of the year ...
2
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1answer
245 views

Tracking Stocks in gnucash: Total mount shown in the ledger is wrong

I recently started buying some stocks and track them with gnuCash. I used the gnuCash manual to get started. Basically I have Assets:Broker Account where I transfer money. From this account I buy ...
4
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1answer
113 views

Deducting interest on a loan to repair a rental property

I own and rent out an apartment in a building that needs extensive repairs. The body corporate has broken the levy for the repairs into six payments. For the first three payments, last tax year, I ...
1
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1answer
74 views

Calculating assets-to-equity from equity-to-assets

I've read that to calculate equity-to-assets using assets-to-equity the following can be done: assets-to-equity = 40% equity-to-assets = 1/0.4 = 2.5 Why does that work out?
3
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1answer
104 views

KMyMoney: Extract payee from memo field using regular expressions

short version: How does the "Extract payee from memo field" feature in KMyMoney work? You can find it here: KMyMoney > Accounts > Choose account > "Edit Account" > "Online Settings" > "Extract payee ...
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0answers
53 views

CVP analysis for the software industry?

I am brushing up my knowledge in budgeting and accounting. I know about CVP analysis, contribution margin, etc. I would like to apply this knowledge to my own company, that provides a SaaS. The fact ...
3
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1answer
173 views

Calculate hourly wage from annual salary offer?

I recently took a new job and accepted the pay at an annual rate. When I got my first pay check I saw that I was being paid hourly. The problem is that if you multiply my hourly wage by 40 * 52 or use ...
2
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1answer
74 views

Moving a personal business to a LLC accounting in California

I've been building a website and set up a single member California LLC early this year. Since, I've opened a bank account but have expenses during the building of the site that I've paid out of my ...
1
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1answer
79 views

How companies bill for their services? [closed]

I'm doing an accounting software as part of a homework project, targetting SMB to print delivery forms and invoices for physical products and services (services such as laundry). But I don't know ...
1
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2answers
213 views

Finding monthly payment for ordinary simple annuity with varying interest rates? [closed]

I've been working at this question for some time now and I'm quite stuck. Some help would be greatly appreciated. I can figure out recurring payments by themselves, but I'm drawing a blank when it ...
1
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2answers
177 views

How to manage household finances (income & expenses) [duplicate]

We are a young family of two, both working and having comparatively equal income. The question is how do we budget our common expenses (relatively equally) and at the same time preserve our freedom to ...
12
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3answers
1k views

How to account for months lapse in tracking finances

I have been tracking my finances with GnuCash since the beginning of this year. All was good until summer hit and I spent more than two months traveling, but I'd like to get back to it without the ...
0
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1answer
75 views

What is an accounting term that factors growth as a function of time and discount rate?

Bare with me, as I don't know how to properly describe what I'm asking for. Please edit the question if it can be asked in a way that uses correct vocabulary. I might be just asking for an compound ...
1
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1answer
63 views

Where should Accumulated deprecation appear on my personal balance sheet?

Looking at my balance sheet that my accountant prepared, and he has listed the depreciation of my property as follows Non Current Liabilities Provisions Accum Dep'n Property ...
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1answer
232 views

Yahoo finance vs SEC filings fundamentals

from your experience - would you rely on yahoo finance data as a source for your research? For example 1st Constitution Bancorp (NASDAQ FCCY): Yahoo finance claims under Balance Sheet data $245,490,...
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1answer
139 views

If an employee's paycheck is directly deposited at the employer, then the employee is paid without a simultaneous decrease in the employer's cash? [closed]

It seems there would be no credit to cash as the Payroll Payable would be debited with the credit to Deposits. Interesting that the bank might able to pay its employees but keep the same cash level...
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1answer
107 views

What are the must know topics for personal accounting? [closed]

I'm 18 years old; last year I finished high school. I attended a school oriented in accounting, and even though I didn't care much about it at the time, now I realize how important is to know how to ...