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Q. Describe the accounting procedures?
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Briefly introduced the body of theory underlying accounting procedures. In this section we discuss accounting theory in greater depth. Currently that you have learned some accounting procedures you are better capable to relate these theoretical concepts to accounting practice. Accounting theory is a set of fundamental concepts and assumptions and related principles that explain and guide the accountant's actions in identifying measuring, and communicating economic information. To a few people the word theory implies something abstract and out of reach. Understanding the theory at the back the accounting process but helps one make decisions in diverse accounting situations. Accounting theory offers a logical framework for accounting practice.
collection of data and methodology
You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
Question 1: (a) What do you understand by term offshore bank? (b) What are the benefits of providing and receiving banking services from an offshore bank? (c) Explain
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
What is Post closing trial balance This statement would only show permanent accounts with a balance; all temporary accounts must have a zero balance. Credits and Debits must ba
In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
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