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Q. Financial reporting about the economic resources?
The third financial reporting should provide information about the economic resources of an enterprise the claims to those resources obligations of the enterprise to transfer resources to other entities and owners' equity as well as the effects of events, transactions and circumstances that change its resources and claims to those resources. We are able to draw some conclusions from these three objectives and from a study of the environment in which financial reporting is carried out.
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
What time is it?
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
current and non current liabilties
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
differenciate between a cash book and a ledger
A Customer Master Record is a permanent record that haves key information about a business partner or a material. This information must be entered into the system before any transa
Q. Show Accumulated depreciation account with example? Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than di
A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
Elaborate the consequences of non-compliance of each of the accounting concepts.
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