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Q. Learning objectives of Accounting theory?
- Discuss and Identify the underlying assumptions or else concepts of accounting.
- Discuss and Identify the main principles of accounting.
- Discuss and Identify the modifying conventions or constraints of accounting.
- Explain the conceptual framework project of the Financial Accounting Standards Board.
- Discuss the content and nature of a company's summary of significant accounting policies in its annual report.
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market. Can you ma
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
Q. What is accounting system? Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the ti
What are the elements of accounting assets Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or g
20 hypothetical inventory transactions both sale and purchase
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
what is the implication of applying accounting concept wrongly
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