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Journal Entries for Forward Contracts

>> August 26, 2015

I have already explained in previous lecture about forward contracts. Here before explaining its journal entries, I will explain again. Forward contract is the contract between two private parties in which one party buys and other sells at current price but asset's payment and delivery will be in future specified date.
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Structure of Forex Market

>> August 24, 2015

If you want to buy or sell the foreign currencies, you should know the structure of Forex market. Foreign exchange market is the market where billions of dollar trade is done. Three players make its structure.
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How to Record Deferred Revenue

>> August 21, 2015

For recording the deferred revenue, you should know the meaning of deferred revenue. Deferred revenue is advance revenue which we receive from our customer before providing him the goods or services. Any earning in the form of advance will be our liability. So, we will treat deferred revenue as the record of liability.
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How to Get Confidence

>> August 20, 2015

Today, I will tell you, how you can get confidence. Before this, I want to tell that human being thinks, he does not have confidence. He cannot do. When a person spills himself or herself downside, how can he get confidence?
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Journal Entries of Sales

>> August 16, 2015

In any type of business, record of sale is so important. Because on the basis of sales record, we take the decisions of new purchase and production. So, for records of sales, we need to pass the journal entries of sales. For these journal entries, we deem sales as the inventory sales. It is our revenue item and it is not capital revenue.
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How to Pass Journal Entries for Purchases

>> August 11, 2015

In any type of business, record of purchase is so important. Because on the basis of purchase record basis, we take the decisions of manufacturing and sales. So, for records of purchase, we need to pass the journal entries of purchases. For these journal entries, we deem purchase as the inventory which is needed for manufacturing or sale. It is current asset and it is not purchase of fixed asset.
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Journal Entries of Loan

>> August 10, 2015

Whether loan is given or loan is taken, it is must to record it in books because given loan is our asset and taken loan is our liability. Moreover on the basis of outstanding balance, interest is calculated and it is paid by borrower to lender. So, for knowing actual balance of loan outstanding, we need to pass journal entries.
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How to Pass Closing Journal Entries

>> August 7, 2015

Closing journal entries are helpful for closing the accounts in any financial year of any organisation. These entries are relating to revenue, expenses and drawing because next financial year, we have to open these account with zero balance.
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How to Copy a Journal Entry in QuickBooks

>> August 5, 2015

QuickBooks is one of the good accounting software where there are wonderful options for productivity of accounting work. One of great option is copy of old journal entries. Instead of creating new journal entry, you can use old entered copy of journal entry in QuickBooks and make new after some changes like, date, amount and party.
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How to Record a Deposit As a Journal Entry

>> August 4, 2015

We can easily record deposits in bank through journal entry. But before this, you should understand what is deposit. Deposit means any money which will add in your bank account. Either you or your customers may add money in your bank account.
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How to Record Dividends in a Journal Entry

>> July 31, 2015

All the investors who invests in shares and stocks will have two big resource of earning. One is dividend and second is capital gain on the sale of same shares. Some investor invests long term, so, company has to declare the dividend out of their total profit.
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Expected Value

>> July 29, 2015

Expected value is the estimated value of any asset which is calculated on the basis of probability and other mathematical principles. All those who have good hand on maths can become good accounting expert. In accounting and finance, we need to estimate the investment. We invest our money on any project whose cost will be less. Without investing real amount, we can calculate its expected value and take better investment decisions.
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Expired Costs

>> July 27, 2015

When we pay the cost of anything, we either receive product or service. Some product's benefit will be day or two day. But some products benefits will be 10 to 20 years. So, all the cost of product or services whose total benefit will have obtained, will be expired cost. We will show it as our business expense.
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>> July 26, 2015

EBITDA's full form is earning before interest, tax and depreciation and amortization. All most all the companies calculate EBITDA for checking their performance. For calculating it, we deduct all the expenses from revenues except interest, tax and depreciation and amortization.
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Selling and Administrative Budget

>> July 16, 2015

Selling and administrative budget is non-manufacturing budget because in this we do not estimate the purchase or production. We can making it monthly, quarterly or year basis. We can make selling expenses budget and administrative  expenses budget together or separately.
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Production Budget

>> July 14, 2015

In manufacturing company, production budget is so important. Without making this, we can waste our working capital in manufacturing of goods due to more production than actual need for sale. By making production budget, we can produce almost correct products, so, saved working capital can be used other operation of business.
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Materials Purchases Budget

>> July 12, 2015

Materials purchase budget will tell the estimated amount which you will spend on buying of raw material which is used in production. Because, it is big amount, so you should forecast it in advance by using simple accounting techniques.
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Flexible Budget

>> July 11, 2015

A flexible budget is the budget which we can easily change if there is increase or decrease the activities. These activities may be relating to production, sales or recruitment or paying any expenses.  This budget is better than static budget.
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Balanced Scorecard

>> July 9, 2015

Balance scorecard is the system in which a company check the overall performance of company by checking accounting data with other performance indicators. For example, I print 10 years income statement and I check it with customer's trends and other business process performance. This is a simple balanced scorecard.
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Useful Excel Commands

>> July 7, 2015

Excel is an extremely powerful and versatile software with lots of functions which we can use as commands for solving our financial and mathematical problems. Whether you want to calculate interest rate, loan payment, depreciation amount, return the current hours, average, range, excel can do it all and even more.
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