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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. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
Lower of Cost or Market Inventory Bob's Jewelry Company's inventory records indicates the fol
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
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
What is the latest change taking place in the accounting world that will make a big difference to the way accountants prepare accounts?
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