What Is The Period Covered By The Income Statement? An income statement usually covers a year; however this statement may be drawn up for shorter periods, such as one month, three months (quarters) or six months. The period of time that is covered by the income statement (and other financial statements) is called the accounting
What Is The Purpose Of The Sarbanes-Oxley Act Of 2002? The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees and the public from accounting errors and fraudulent financial practices. What is the major goal of the
What High School Subjects Are Needed To Become An Accountant? Accountants work with numbers to prepare financial statements and documents, so you should take classes in mathematics, algebra, calculus, and statistics. Accountants work with information technology to track financial data and prepare financial records, so you should take classes in computer science. Which subject is
What Is A Hipaa Disclosure Accounting? HIPAA Disclosure Accounting or Accounting of Disclosures (AOD) is the action or process of keeping records of disclosures of PHI for purposes other than Treatment, Payment, or Healthcare Operations. You are required by law to provide patients a list of all the disclosures of their PHI that you have
What Is The Relation Of Mathematics And Accounting? Accounting and mathematics are closely related. There is little mathematics content that a profound relationship exists between mathematics and accounting. … Accounting scholars perform a variety of calculations in accounting courses, making mathematics integral to the successful study of accounting. What is accounting in mathematics? Accounting is
What Is The Quality Of Information That Is Capable Of Making A Difference In A Decision Quizlet? Relevance and Faithful Representation. To have relevance accounting information must be capable of making a difference in a decision. Financial information is capable of making a difference when it has predictive value, confirmatory value or both. Is information
What Is The Journal Entry Of Accounts Receivable? Account Receivable is an account created by a company to record the journal entry of credit sales of goods and services, for which the amount has not yet been received by the company. The journal entry is passed by making a debit entry in Account Receivable and
What Is The Purpose Of Reporting In An Accounting Information System? Reporting is major tool for organizations to accurately see summarized, timely information used for decision-making and financial reporting. What is the purpose of an accounting system? Accounting systems are designed mainly to provide information that managers and outsiders can use in decision making. What
What Is The Journal Entry For Purchase Goods On Credit? Purchase AccountDebit To Creditor’s AccountCredit What is the journal entry for purchase goods? Since Purchase of goods is an expense, so, Purchases A/c would be debited, because according to the Rules of Debit and Credit, an expense A/c is debited . Upon payment of goods
What Is The Journal Entry For Tax? The journal entry for sales tax is a debit to the accounts receivable or cash account for the entire amount of the invoice or cash received, a credit to the sales account and a credit to the sales tax payable account for the amount of sales taxes billed.