Where is 770 account written in the income statement?
770 ACCOUNT OF GENERAL ADMINISTRATIVE EXPENSES Example: The enterprise pays 2.000 TL as rent for 1 month on 1 January 2010. At the end of the period, this account is closed with reflection accounts. Cost accounts are transferred to income-expense accounts and transferred to income statement.
What is 649 accounting code?
649 Other Ordinary Income and Profits Account: It is the account in which the income and profits arising from the activities that are considered ordinary but not the main activity of the enterprise, which are not covered by the accounts in the ordinary income and profits from other activities account group, are followed.
What are account codes?
Main accounts are three digits and the first number differs depending on whether the accounts are balance sheet, income statement, expense or off-balance sheet accounts. The first digit of the account code represents the account class, the second digit of the account code represents the account group, and the third digit of the account code represents the ledger account.
770 Which account is it credited to?
770 General and administrative expenses account: Management functions of enterprises, organization and staffing, office services, public relations, security, legal affairs, personnel affairs, accounting and financial affairs services, including credit and collection, etc. This is the account where expenses are tracked.
Will the 770 account receivable work?
Expenses incurred for the execution of matters such as taking decisions concerning the management of the enterprise, matters of administration and administration, and follow-up of legal and personnel affairs. 770 General and administrative expenses account tracked over.770 how the code account works debt aspect works and necessary fixes…
What expenses are written into account 740?
Costs based on uniform accounting system in production enterprises expense type (7/B) and operating functions (7/A). All of the first item material, labor and general service costs incurred in service businesses 740 Service production costs on your account saved.
What is a reflection account in accounting?
Mirroring Accounts: These accounts represent all of the expenses collected in the expense accounts where “actual costs” are applied; In the case of using pre-determined cost methods, it is used to ensure that the expenses determined according to these are reflected in the relevant accounts.
How to close 770 account?
Record the Reflection of General Administrative Expenses. Transfer to Period Profit or Loss Account at the End of the Period: All accounts starting with 6 after the income statement are transferred to 690 Period Profit or Loss Account. is turned off. 632 General Administrative Expenses account Reflected in 690 Period Profit or Loss Account is turned off.
What is an accounting mirroring account?
Mirroring Accounts: These accounts represent all of the expenses collected in the expense accounts where “actual costs” are applied; In the case of using pre-determined cost methods, it is used to ensure that the expenses determined according to these are reflected in the relevant accounts.
What are 710 720 and 730 accounts?
“Cost of production”710 Direct Raw Material and Material Expenses, 720 Direct Labor Expenses, 730 General Production Expenses” accounts First of all, it has a surplus “711 Reflecting Direct Material and Material Costs, 721 Reflecting Direct Labor Costs, 731 Reflecting General Production Expenses” accounts via …
When to use 740 accounts?
740 SERVICE PRODUCTION COST ACCOUNT 740 Service Production Cost Account: It is the account used to monitor the production costs of service businesses. 740 Functioning of Service Production Cost Account: Actual amounts of expenses incurred for services produced in service businesses to the account recorded as a liability.
What are accounts 7a and 7b?
– 7/A Option – 7/B Option Page 3 COST ACCOUNTS Users: 7/A Option: Manufacturing and service businesses that have to issue additional financial statements. 7/B Option: Manufacturing and service businesses and trading businesses that do not have to prepare additional financial statements.
Which account is 720 credited to?
720 DIRECT LABOR EXPENSES ACCOUNT 720 Functioning of the Direct Labor Expenses Account: As the direct labor expenses of the workers working in the main production expense during the period are accrued, this to the account debt is written off. At the end of the semester account 721 Direct Labor Expenses Mirroring Account closed by comparison.
Does 700 account debit work?
700 Operation of the Cost Accounting Connection Account: As all costs related to the cost are accrued, this account debtare credited to the relevant active and passive accounts. The data reported to the general ledger by the cost accounting at the end of the cost periods are recorded in the credit of this account and debited of the relevant accounts.
How do 740 accounts work?
740 SERVICE PRODUCTION COST ACCOUNT 740 Functioning of Service Production Cost Account: Actual amounts of expenses incurred for services produced in service businesses are debited to this account. At the end of the term this account It is settled by comparing it with the 741 Service Production Cost Reflection account.
7 Who uses the B chart of accounts?
Commercial enterprises that do not have to prepare additional financial statements and small service and small production enterprises that do not exceed the total assets and net sales revenue amounts determined by the Ministry of Finance, 7/B they will apply the option (grten, 2000: 438).