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Q. Explain accounting structure?
The accounting structure of a profit seeking business is an information system designed to provide relevant financial information on the resources of a business and the effects of their use. Information is significant if it has some impact on a decision that must be made. Companies present this significant information in their financial statements. In organizing these statements accountants consider the users of the information such like owners and creditors and decisions they make that require financial information.
Since a background for studying accounting this Introduction defines accounting and lists the functions accountants perform. Additionally to surveying employment opportunities in accounting it differentiates between financial and managerial accounting. For the reason that accounting information must conform to certain standards we discuss several prominent organizations contributing to these standards. As you keep on your study of accounting in this text accounting is the language of business that will become your language also. You will understand that you are constantly exposed to accounting information in your everyday life.
Trading account is ready to ascertain the Gross Profit and Loss of a firm; here Gross Profit is the excess of total revenue over cost of goods sold as the credit side of the tradin
Explain the procedure followed in government system of accounting in india
QUESTION It is generally recognised that power is an essential component of accountability and that greater accountability is recognised towards those stakeholders who have mor
When is working capital most likely to increase? A when the business increases its selling prices B when the credit period allowed to customers is reduced C when the credit pe
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
Prepare the Trading Account from the subsequent figures: Opening Stock 40,000 Power 6,000 Purchases 1,80,000
why Accountant prefer commercial substance than legal form?
What take place in a rights issue of shares? 1. Any premium on issue is added to a capital reserve. 2. Any type of premium on the issue is added to a revenue reserve. 3. A
payment made to vendor but rejected by bank
1. Trading account is prepared so as to calculate gross profit or loss, whereas the function of the profit and loss account is to disclose net profit or loss. 2. Trading account
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