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Q. Gain and loss recognition principle?
The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Therefore we recognize losses at an earlier point than gains. This rule is related to the conservatism concept.
Gains normally result from the sale of long-term assets for more than their book value. Firms shouldn't recognize gains until they are realized through sale or exchange. Recognizing potential gains prior to they are actually realized is not allowed.
Losses consume assets as carry out expenses. But unlike expenses they don't produce revenues. Losses are habitually involuntary such as the loss suffered from destruction by fire on an uninsured building. A loss on the sale of a building is possibly voluntary when management make a decision to sell the building even though incurring a loss.
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
1. Whate are the challenges faced in trade and solutions those problems?
with help of illustrations,comment on final accounts
what are the implications of applying accounting concepts wrongly
Notes to financial statements
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
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