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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.
Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a nutrition program, to low-income immigrant children. T
Development of financial accounting standards Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or g
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
Q. Define Economic and financial decisions? You most likely will find that of all the business knowledge you have acquired or will learn the study of accounting will be the mos
International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property) a. Held for sale in the ordinary course of business. b. In the proces
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
Explain the procedure followed in government system of accounting in india
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.
explain how accounting information may be used when an owner wants to justify a price in one of their lines of house paint
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
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