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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. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
A machine valued on the books at $8500 was sold on credit to $8000.
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
format of the account
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
Q. Dependability of information? Additionally to being relevant information must be reliable to be useful. Information has reliability when it faithfully describes for users wh
How are gains from the sale of § 1244 stock treated? Gains on the sale of § 1244 stock is treated as
what is the implications of applying accounting concepts wrongly
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