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Q. What do you mean by Accounting Environment?
Record keeping in an accounting sense is deliberation to have begun about 4000 BCE. The control, record-keeping, and verification problems of the ancient world had many characteristics similar to those we encounter today. For illustration, an ancient government as well kept records of receipts and disbursements and used procedures to check on the honesty and reliability of employees.
A study of the progression of accounting suggests that accounting processes have developed primarily in response to business needs. As well economic progress has affected the development of accounting processes. History demonstrates that the higher the level of civilization the more elaborates the accounting methods.
The emergence of double entry bookkeeping was a critical event in accounting history. In 1494 a Franciscan monk Luca Pacioli illustrates the double-entry Method of Venice system in his text called Summa de Geometric, Arithmetical, Proportion and Proportionate (Everything about arithmetic, geometry, and proportion). Several consider Pacioli's Summa to be a reworked version of a manuscript that circulated among teachers and pupils of the Venetian school of commerce and arithmetic.
Seeing as Pacioli's days the roles of accountants and professional accounting organizations have expanded in business and society. As professionals accountants have a accountability for placing public service above their commitment to personal economic gain. Complementing their compulsion to society accountants have analytical and evaluative skills needed in the solution of ever-growing world problems. The special capability of accountants or their independence and their high ethical standards permit them to make significant and unique contributions to business and areas of public interest.
Development of financial accounting standards Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or g
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What is the difference between governmental type activities and business type activities and can you give some examples of each?
A firm of manufactures, whose books are closed on 31st December, purchased machinery for Rs.50,000 on 15 January, 2010. Additional Machinery was acquired for Rs.10,000 on 1st July,
Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp
Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value
Q. Explain accounting structure? The accounting structure of a profit seeking business is an information system designed to provide relevant financial information on the resour
It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces
Along with a view to harmonise varying accounting policies and practices recently utilize in India, the Institute of Chartered Accountants of India (ICAI) created the Accounting St
SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%. 20% of SQB's sales are on credit. Year 1 Year 2
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