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ACCOUNTANCY PRINCIPLES (GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES)
Accounting values, rules of conduct and action are explained by a variety of terms for instance conventions, tenets, concepts, assumptions, axioms, postulates, etc.
By classifying by function Under this format, the expenses of the company are classified into 5 major categories i.e. Cost of sales [(opening stock + purchases – closing st
State the Benefits of accounting information Benefits of accounting information ultimately decline. Cost of providing information, though, will rise with every additional piec
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
LCI Cable Company grants 1.4 million performance stock options to key executives at January 1, 2013. The options entitle executives to receive 1.4 million of LCI $1 par common shar
Suppose that the Fed buys $1 million of bonds from the First National Bank. If the First National Bank and all other banks use the resulting increase in reserves to purchases bonds
WILLS A will is the legal declaration by a person of his wishes or intentions regarding the disposition of his property after his death, duly made and executed according to the p
Unrealized profit on Property, Plant and Equipment Where one company sells an item of PPE to the other company in the group then, this will lead to two main problems. a) The se
A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits. Explain the rules of debits and credits in a wa
Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i
how do we calculate bonus issu4 and rights issue
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