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Function and scope of the Accounting Standards Board:
The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up such type of standards. The foundation is one of the members of the International Accounting Standards Committee (IASC) and has decided to maintain the purposes of IASC. The Accounting Standards will be subject below the authority of the council. ASB is also accountable for circulate the Accounting Standards and of persuading the disturbed parties for adopting them in the preparation and presentation of financial statements. ASB will subject management quotes on the Accounting Standards and give illumination on issues arising there from. ASB is also accountable for reviewing the Accounting Standards at periodical time.
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. Elaborate and explain why journal is necessary?
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
At the starting of the year, Hernandez Company had total assets of $872,310 and total liabilities of $497,500. (a) If total assets enhanced $147,320 during the year and total li
Q. Explain about revenue recognition principle? Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of r
decrease in owners equity decrease in owener''s equity
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
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
Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason
What do the "transfer" items in the notes to the financial statements relate to? (in the capital assets section; Plant, property & equipment and Intangible assets
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