homework 3.21

I’m working on a Accounting exercise and need support.

How much mathematics knowledge is necessary or required in accounting?

Not much knowledge, but the basic mathematical background is required in accounting for operations like addition, subtraction, multiplication, and division.

Define bills receivable

All types of exchange bills, bonds, and other securities owned by a merchant that is payable to him are said as bills receivable.

Define depreciation and its types

Depreciation can be defined as the value of an asset that is decreasing as it is in use. It has two types, such as:

  • Straight line method
  • Diminishing value method
  • Annuity method
  • Depletion method
  • Written down value method.

Differentiate between consignor and consignee

Consigner is the owner of the goods, or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.

Define balancing in accounting

Balancing means to equate both sides of the account, i.e., the debit and credit sides of an account must be equal/balanced.

How much statistics knowledge is necessary or required in accounting?

You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge, you cannot manage your day to day transactions effectively in accounting.

Define Scrap value in accounting

It is the residual value of an asset. The residual value is the value that any asset holds after its estimated lifetime.

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