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Q. Explain Accounting entity concept?
Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entity. The business entity concept presumes that each business has an existence separate from its creditors, owners, employees, customers, other interested parties and other businesses.
Accounting concepts are used in relation to accounting procedures for a specific business enterprise. Some of these are: Going concern Verifiable
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
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
What is the implication of applying accounting concepts wrongly
Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay
At the end of this assignment, you will have: Identified the facts and accounting issues at AVE. Researched the appropriate accounting literature. Analyzed, interpreted,
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
Determining the Discount Rate XYZ (APP) Ltd is a biotechnology company that recently listed on the Australian Securities Exchange (ASX). As such, XYZ Ltd has very limited stoc
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