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Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason of ac- counting is to communicate or report the effects of business operations and its different aspects. However, accounting has been explained in several ways. As per to one commonly admired definition. "Accounting is the skill of recording, summarizing and classifying in a important manner and in terms of transactions, money and events that are; inside part at least, of financial nature and interpreting the outcome thereof'. The other definition that is less restrictive interprets accounting like "The process of considering, measuring and communicating economic information to allow informed judgments and decisions through the users of information"
Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r
what is the implication of applying accounting concept wrongly
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following we
Q. Explain about Cash equivalents? Cash equivalents are highly liquid short-term investments obtained with temporarily idle cash and easily convertible into a known cash amount
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
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