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Q. Explain about Money measurement concept?
Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in the United States. This form of determination is known as money measurement.
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
Personal Account is an account for use by an individual for their own requirements. It is a relative term to distinguish the said accounts from those accounts for corporate or busi
You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex
Derivative instrument is an asset which develops i.e. takes its origin from another asset. The simplest form of derivative is a forward contract, "It is an agreement to buy or s
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
Profitability refers to a company's ability to obtain profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
the spelling of number is different than code
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
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