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As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting, recording, evaluating and analyzing the data and lastly communicating information to its users. Information has no sense unless it is connected with an exact purpose.
Accounting as a social science can be analyses as an information system as this has all the characteristics of a system. This has its inputs as raw data, processes as men and equipment and outputs as reports and information. If we see accounting like an information system, then we are in a position to make several significant observations. Initially, the goal of the system is to give information that meets the needs of its users. If we can appropriately identify the requirements of the users, we are after that capable to identify the nature and character of the outputs of the system. Secondly, this is the output needs that. Find out the type of data that would be chosen as the inputs for processing in information output.
There are some groups of people who have a stake in business organization managers, creditors, shareholders, workers, customers and so on. Moreover, the community at large has economic and social interest in the activities of these organizations. Such interest is illustrated at the national level through the concern of government in different aspects of the firms' activities, as their economic comfort, their contribution to welfare and their part in the development of the national product, to state only a few illustrations.
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
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Explain in brief about the purchases account keeps a record of cost of merchandise purchased for resale during an accounting period. Assets are recorded as assets-not pu
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
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