One of the disadvantages of computerized accounting is that the systems are usually quite expensive to purchase and maintain. Another disadvantage is that on getting a new accounting system, a lot of time and energy is invested in training. More so, inconveniences are likely to be experienced when computers and other related machines break down.
Top Answer: An income statement account is a general ledger which shows all kinds of revenues generated in an accounting year & matches all expenses against the revenue to net off the income or loss produced in that particular accounting year.
Top Answer: The Liability account this is obligate for other, source of money, or also can said from where money came.
and company liabilities is two kind liabilities for company owner's this called owner's equity , and liabilities for other and this come to kind , accrued in next 12 month called current liabilities , accrued after more 12 month called non current liabilities or long term liabilities
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Top Answer: Payroll accounting involves a company's recording of its employees' compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees. withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income taxes (if applicable)
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