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Uncontrollable expense is that expense incurred in the usual course of business, which cannot be controlled. Consolidated Financial Statement A consolidated financial statement is a comprehensive statement that gives details regarding all the assets, liabilities and operating accounts of the parent company and subsidiary companies under it, if any. Non cash expenses are those which appear on the debit side of an income statement, but there is no actual outflow of cash for the same, for e.g., depreciation Non current assets are those assets in the balance sheet that are not current assets. Expenditure is the cost incurred in trying to generate revenue. It can be shared without violation of any laws.

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Internal controls are also required to ensure timely payment of liabilities and taxes. The prime benefit is speed and accuracy. Making the distinction between application software and system software is arbitrary and more often than not the lines of distinction are blurred. Capital budget is the amount allocated for the purchase of fixed assets during the accounting period.

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Accounting treatment is the set of rules that lays down how to treat an account and how to handle a particular transaction. Claims outstanding can be calculated by Claims Outstanding = Claims Against Assets – Claims Settled. It comes with an easy-to-use as well as complex interface, i.e., it can be used by an inexperienced professional, and in certain cases, where accounting gets complex, a professional would be needed. Visit the website to know more about it. Book Inventory = Cost of Acquiring the Inventory – All the Liabilities associated with the Inventory. The various budgets included in operating budget are sales and collection budget, cost of goods sold budget, inventory and purchases budget and operating expenses budget. Valuation date is the date on which the valuation is made. These costs are also known as start-up costs and include the money spent on legal fees etc. Proprietary Software: In proprietary software, legal rights remain exclusively with the copyright holder. Below the line items are those that directly affect the balance sheet and not the income statements.

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