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Accounting
Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary system on which the accounting system is based is called as Generally Accepted Accounting Principles (GAAP) and Accounting Standards. Accounting principles are broad guidelines for general applications; they permit a huge variety of methods and practices. Accounting Standards are formulated along with a view to harmonise various accounting policies and practices in use in a country. The goal of Accounting Standards is, therefore, to decrease the accounting alternatives in the preparation of financial statements inside the bounds of rationality, through ensuring comparability of financial statements of various enterprises with a view to give meaningful information to several users of financial statements to enable them to make informed economic decisions.
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
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Q. What is Inventory? Inventory -- Supply or stock of products and goods that a company has for sale. Amanufacturer may have 3 kinds of inventory: raw materials waiting to be c
Desrocher Ltd. issued an instalment note on January 1, 2014 (with a required yield of 9%), in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent
Q. Uses of technology in accounting? The computers of persons in a given building or department are frequently connected in a Local Area Network (LAN). These persons are able t
How many kind of Assets?
Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
Give the statement classification of each income statement account
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
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