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In previous section you learnt about the accounting involves four stages:
(i) recording the transactions,
(ii) classifying-the transactions,
(iii) summarising the transactions, and
(iv) Interpreting the outcomes.
Hence, you are aware that all transactions are recorded first into the books of original are as Journal, and then posted in the concerned accounts in the ledger. You have also the fundamental accounting concepts to be observed in the recording "stage and the rules of debit and credit. Along with the help of these rules we shall discuss in this section how different transactions are recorded in the Journal and how they will be posted in the concerned ledger accounts, we shall also illustrates how to balance various accounts prepare a Trial Balance so as to test arithmetical accuracy of the books of account.
DOES THE ADOPTION OF IFRS BY DIFFERENT COUNTRIES NECESSARILY MEAN ACCOUNTING PROCEDURES AND PRACTICES THEY ADOPT WILL BE CONSISTENT AND COMPARABLE INTERNATIONALLY
You must be aware about the most of business are made through cheques these days. It involves the bank whether the firm has opened its own account. Thus when payment is made by che
what all include in company revenue recoganisation
The term goods refer to articles that are traded through the firm articles bought for resale. For illustration, for book seller, books are goods, for an electrical store fans, fo
journal entry and balance sheet for acquisition
Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would
Direct expenses comprise all those expenses incurred in bringing the goods to the place of business or trade or in-production process till the goods are placed in saleable places.
Consisting mainly of accounting educators the American Accounting Association (AAA) has sought to encourage research and study at a theoretical level into the concepts or standards
GAAP are usually developed through professional accounting bodies as American Institute of Certified Public Accountants (AICPA) and ICAI that is Institute of Chartered Accountants
i buy machine 70% cash 30% installments.i have charged 100% cost to asset and capital so when i pay first installment i debit installment expense and credit bank so my question is
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