How to get Travel Medical insurance

How to get Travel Medical insurance You have Two choices for purchasing travel insurance – the most effective possibility is to match plans from all firms, get quotes, and buy your travel insurance set up online: Compare plans from all firms: Compare travel insurance plans from all companies, get quotes, and get online. Quote and get direct: Review the travel insurance firms and plans and buy directly from the corporate.

All travel insurance firms embody a free look amount with a refund that allows you to review the setup documentation. If you opt you wish one thing slightly completely different, you'll create changes to your policy or cancel it for a refund (minus a tiny low fee).

What are the kinds of Travel Medical plans?

Travel medical plans are available in three types:

The single trip travels medical (the most typically purchased) – this can be covered for one trip up to 6 months. It covers the length of the holiday and is procured up front.
Multi-trip travel medical – this coverage is for multiple visits and sometimes purchased in three, 6, and 12-month segments.
Long-term major medical – this can be continuous medical coverage for the long run mortal and generally paid on a monthly basis. These plans will usually be revived.
How much will Travel Medical Insurance cost?
Since travel medical insurance doesn't offer trip cancellation and different package-like advantages, the price of the set up is usually quite economical.

A typical single trip travel medical set up will vary from $40-$80 for a comparatively short overseas trip. In general, the premium quantity for a travel medical set up relies on:

The length of the trip
The age of the mortal
The medical and evacuation coverage limits
While some travel medical plans can cowl a couple of package-like advantages, the standard travel medical set up doesn't cowl trip cancellation, trip interruption, baggage loss, travel delays, and different advantages generally related to package plans. Travel medical plans are meant for the overseas mortal seeking medical insurance protection outside their home coverage network.

Advantages Of Online Auto Insurance Quotes

What are the advantages Of Online Auto Insurance Quotes? Nowadays, obtaining Auto insurance quotes online is an extremely counseled means for your auto insurance coverage, as doing things online is usually simple, quick, and simple. Gone are the times once individuals would search the phone book and phone directories for hours to search out the main points of an acceptable Auto insurance company. Today, with the appearance of the net, you'll be able to get a car insurance quote at intervals of seconds.

Advantages of Online Quotes Car Insurance

You get a 24x7 online service for obtaining the most effective quotes insurance. they're accessible on the net, albeit you seek them at odd hours. owing to fiery competition among online auto insurance firms, several of them give you free quotes at any time of the day.

You can save the time and cash that might rather be spent on looking out sensible car insurance firms and visiting them to induce quotes. If you have got an online affiliation, then it's potential to induce many competitive quotes at intervals the scope of your home or workplace.

People notice it simple to make a decision the most effective coverage offered by a corporation by aquatics many company websites for selecting the one that higher suits their desires. They conjointly get access to thousands of client opinions.

When your decision an insurance broker for obtaining a quote, you'll find yourself speech communication one thing wrong that affects your insurance quote. This ne'er happens online, as you'll be able to take your own time to fill out the shape.

It is potential to check motorcar insurance on the net. Quote, the comparison is taken into account the most effective means of obtaining the proper and also the best policy. once you properly use the quote comparison, you'll be able to take full advantage of the chosen coverage and pay the cheaper price for the insurance. In short, the comparison is for obtaining the most effective coverage at an inexpensive worth.

What is a ledger in Accounting

 A group of accounts is known as a ledger the consolidated view of the similar transactions different accounts are prepared in the ledger As we know, the journal records all business transactions separately and date-wise. The transactions pertaining to a particular person, assets, expense or income are recorded at different places in the journal and they occur on different dates. Hence, the journal fails to bring similar transactions together at one place. Thus to have a consolidated view of the similar transactions different accounts are prepared in the ledger. A ledger account may be defined as a summary statement of all the transactions relating to a person, assets, expenses or income which have taken place during a given period of time and show their net effect.

A group of accounts is known as a ledger. The general ledger is the main book of accounts it contains an account for each asset, liability, proprietorship, revenue, and expense account. The ledger contains the same information as the journal. However, in the journal, each transaction is completely recorded as a unit. The entire effect of a transaction is completely recorded in one place in the journal. Periodically the same information is posted to the ledger where it is accumulated according to individual items. The ledger includes all the basic accounts needed for the preparation of the financial statements.

A journal is maintained only to facilitate the passing of entries in the ledger, so every entry recorded in the journal must be posted into the ledger. A ledger is a register having a number of pages that are numbered consecutively. One account is usually assigned one page in the ledger. However, if the transactions, pertaining to a particular account are more, it may be assigned more than one page in the ledger. An index of various accounts opened in the ledger is given at the beginning of the ledger for the purpose of easy reference. It is the principal book of accounts because it helps us in achieving the objective of accounting.   

What is Trial Balance and Objectives in Accounting

 A trial balance forms a connecting link between the ledger accounts and final accounts Trial Balance is prepared to check the arithmetic accuracy of the books of accounts The fundamental principle of the Double Entry System of Accounting is that for every debit, there must be a corresponding credit. Thus for every debit or a series of debits given to one or several accounts, there is a corresponding credit or a series of credits of an equal amount given to some other account or accounts and vice-versa. It follows, therefore, that the sum total of debit amounts should equal the credit amounts of the ledger at any date. But if the various accounts in the ledger are balanced, then the total of all debit balances must be equal to the total of all credit balances if the books of accounts are arithmetically accurate.

Thus at the end of the financial year or at any other time, the balances of all the ledger accounts are extracted and written up in a statement known as trial balance and finally totaled up to see if the total of debit balances is equal to the total of credit balances. A trial balance may thus be defined as a statement of debit and credit totals or balances extracted from the various accounts in the ledger with a view to test the arithmetical accuracy of the books.

The agreement of trial balance reveals that both the aspects of each transaction have been recorded and that the books are arithmetically accurate. If trail balance does not agree it shows that there are some errors that must be detected and rectified if the correct final accounts are to be prepared. Thus, the trial balance forms a connecting link between the ledger accounts and final accounts. 

Objectives of the Trial Balance

• To have balances of all the accounts of the ledger in order to avoid the necessity of going through the pages of the ledger to find it out 
• To have a proof that the double-entry transaction has been recorded because of its agreement
• To have material for preparing the profit and loss account and balance sheet of the business
• To have arithmetic accuracy of the books of accounts because of the agreement of the trial balance

Service Costing form of Operational Costing in Accounting

Service costing is that form of operational costing which applies where standardized services are 

provided either by an undertaking or by a service cost centre with in an undertaking. This method may be used where service is not completely standardized, but where it is convenient to regard it as such and to calculate average cost per period in relation to the standardized unit of measurement. Thus it is the cost of producing and maintaining a service. It is a method of costing applied to undertaking which provides service rather than production of commodities. These services may be internally used e.g., canteen, delivery van etc. or may be rendered to the public as is done by State transport Corporation, Hospital, Electricity, Gas companies etc. in both the cases operating costs are required to be ascertained. The operating costs are generally period Costs. The expenses are accumulated for a period and they are related to the quantum of service rendered during the period. In certain cases, however, the operating cost can be terminal cost e.g., when a bus chartered out for a specific trip, the cost of such trip is worked out treating it as a specific job.

Costs are classified into the following three heads:

1. Standing or Fixed charges – These charges are incurred in spite of the kilometers run e.g., salary of operating manager and supervisor etc., insurance, motor vehicle tax, general supervision, interest on capital etc.
2. Maintenance Charges – Semi- variable expenses are include in this group e.g., repair and painting, overheads etc.
3. Operating and Running Charges – These charges vary more or less in direct proportion to kilometers and include petrol, oil, grease etc., wages of driver, conductor, attendant etc. if the payment is related to time or distance of trips, commission of taking etc. in short, all the variable charges of running vehicle are include in this Group. 

The service to be costed could either be:

Transport Services – Tramways, Railways, bus transport
Supply Services – Gas Supply, Electricity Supply, water supply
Welfare Supplies – Hospital, Canteen, Libraries
Municipal Services – Street light, Road Maintenance Etc.

Fund Flow Statement Method and Objective

Fund flow statement is a method by which we study changes in the financial position of a business enterprise between beginning and ending financial statements dates. Hence, the fund flow statement is prepared by comparing two balance sheet and with the help of such other information derived from the accounts as may be needed. Broadly speaking, the preparation of a fund flow statement consists of two parts:

1. Statement or schedule of changes in working capital.
2. Statement of Sources and Application of funds.

Statement or schedule of changes in working capital.

Working capital means the excess of current assets over current liabilities. Statement of changes in

working capital is prepared to show the changes in the working capital between two balance sheet dates. This statement is prepared with the help of current assets and current liabilities derived from the two balance sheets. The changes in the amount of any current asset or current liability in the current balance sheet as compared to that of the previous balance sheet either results in increase or decrease in working capital. The difference is recorded for each individual current asset and current liability. In case a current asset in the current period is more than in the previous period, the effect is and increase in working capital and it is recorded in the increase column. But if a current liability in the current period is more than in the previous period, the effect is decrease in working capital and it is recorded in the decrease column or vice versa. The total increase and the total decrease are compared and the difference shows the net increase or net decrease in working capital.

 WORKING CAPITAL = CURRENT ASSETS – CURRENT LIABILITIES

·        An increase in current assets increases working capital

·        A decrease in current assets decreases working capital

·        An increase in current liabilities decreases working capital

·        A decrease in current liabilities increases working capital

Statement of Sources and Application of funds

Fund flow statement is a statement which indicates various sources from which funds have been obtained during a certain period and the uses or applications to which these funds have been put during that period. 

How to Classify Accounts in Double Entry System

here is a big question that how to classify accounts in accounting as per the traditional approach in double entry system in accounts that there are three types of accounts, namely, Personal accounts, Real Account and Nominal Accounts which are opened to keep a complete record of all the financial transactions of the business.

Classification of Accounts 

• Natural Person’s Personal Account: An account recording transactions with an individual human being is known as a natural person’s Personal Account, for example, Ram’s Account
• Artificial Person’s Personal Account: An account recording financial transactions with an artificial person created by law or otherwise is called an Artificial Person’s Personal Account, Like Ram Kumar and Sons. Or Suresh Kumar and Co. 
• Representative Personal Account: An account indirectly representing a person or persons is known as a representative personal account. When accounts are of a similar nature and their number is large, it is better to group them under one head and open a representative personal account. For example, such types of accounts can be salaries account Outstanding Accounts, etc.
• Tangible Real Account: such types of accounts relates to an asset which can be touched, felt, seen, and measured e.g. Machinery Account, Cash Account Stock Account, etc.
• Intangible Real Account: Such type of account related to an asset which cannot be, touched physically but can be measured in value. For example Goodwill Account, Trademarks Accounts, etc. 

Few more examples to clarify the types of accounts: 

Drawing Account = Personal Account

Cash Account = Real Account 

Discount Account = Nominal Account 

Salaries Account = Nominal Account 

Bad Debts Account = Nominal Account 

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Who Prepares Manufacturing Account

Who prepares the manufacturing account instead of the Trading and Profit and Loss accounts that are

the main question. Those concerns which convert raw materials into finished goods are required to find out the cost of goods manufactured besides gross and net profit of the concern. These are manufacturing cum trading concerns. In order to have full information about the cost of goods manufactured these concerns firstly prepare the Manufacturing account and then prepare the trading and Profit and Loss accounts. The Debit side of the manufacturing account starts with the cost of materials consumed, (i.e. Opening Stock of raw materials plus net purchases less the closing stock of raw materials) Procurement cost e.g. custom duty, landing Charges, and excise duty, etc should also be included with the cost of raw materials. Closing stock is taken and valued at a lower cost or net realizable value and then deducted from the sum of opening stock and purchases to eliminate the charge to manufacturing account for the stock of raw materials in hand on the closing date. Next to materials are listed productive wages and direct expenses

The main object of Manufacturing Account

1. Cost of finished goods produced
2. Constituent items thereof such as cost of material consumed, Productive wages, Direct and Indirect expenses

So it is clear from the above discussion that manufacturing accounts are prepared to know the cost of goods produced So we can say that this is the purpose and use of the manufacturing accounts 

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What is Double Entry System in Accounts

 Double entry system owes its origin to an Italian merchant name Luco Pacioli who wrote the first book entitled ‘De computis et Scripturis’ on double entry accounting in the year 1494 we have seen earlier

that in Double entry system of accounting or Bookkeeping that Every business transaction has two aspects, i.e., when we receive something, we give something else in return. For example, when we purchase goods for cash, we received goods and give cash in return similarly in a credit good, goods are given to the customer and the customer becomes debtor for the amount of goods sold to him This method of writing every transaction in two accounts is known as Double Entry System of Accounting. Of the two accounts, one account is given debit while the other account is given credit with an equal amount. Thus on any date, the total of all debits must be equal to the total of all credits because every debit has corresponding credit. 

The factor common in double entry system 

To have a clear understanding of the double entry system, it is necessary to keep in mind the following factors which are common to every business :

• The business has to enter into business dealings with a number of persons or firms. Therefore, to keep a record of each asset of the business an account of each person or firm, with whom the business has business dealings, is opened. Such accounts are known as a personal account
• The business must necessarily have some assets such as stock, cash, furniture, etc. with the help of which the business may be carried on. Therefore, an account of each asset in the business is opened for keeping a record of each asset of the business. Such accounts are classified as real or property accounts. 
• There must be certain sources from which the income of the business is derived. Similarly, certain expenses are incurred to earn income. Therefore an account of each expense and income is opened in the books for ascertaining profit and loss of the business for a particular period. Such accounts are known as Nominal Account.

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The Meaning of Accounting Equation

The Meaning of Accounting Equation The whole of financial accounting is based on the accounting equation. For a firm to operate resources are required and these resources are supplied to the firm by

someone. The resources possessed by the firm are known as assets and obviously, some of the resources will have to be supplied to the firm by the owner of the business. The total amount supplied by him is known as his capital. If he was the only one who had supplied the assets them capital must equal assets. On the other hand, some of the assets will normally have been provided by someone other than the owner. The indebtness of the firm for these resources is known as liabilities. The capital must be equal to assets minus liabilities. Two sides of the equation are, therefore, equal. On the one side are the resources possessed and on the other side are the sources from which these resources were obtained. The equity of the two sides will always be true, no matter how many transactions are entered into. The actual assets, capital, and liabilities may change but the equality of the assets with that of the total of capital and liabilities will always hold true. Capital is often called the owner’s equity or net worth.

 Accounting Equation

American accountants have derived the rules of debit and credit through accounting equation which is given below:-

Assets  =  Equities

The equation is based on the principle that accounting deals with property and rights to property and the sum of the properties owned is equal to the sum of the rights to the properties. The properties owned by a business are called assets and the rights to be properties are known as liabilities or equities of the business. Equities may be divided into equities of creditors representing debts of the business known as liabilities and equity of the owner known as capital. Keeping in view the two types of equities the equation given above can be stated as below:-

 Assets =  Liabilities + Capital

Or

Capital =  Assets – Liabilities

Or

Liabilities = Assets – Capital

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Role of Accounting Equation

•  Regarding Assets: Increases in  assets are debits and decreases in assets are credits
• Regarding Liabilities: Increases in liabilities are credits and decreases in liabilities are debits
• Regarding Capital; Increases in the capital are credits and decreases in the capital are debits
• Regarding Expenses: Increases in expenses are debits and decreases in expenses are credits
• Regarding Incomes or Profit: Increases in incomes or profits are credits and decreases in income or profits are debits.