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In previous section you learnt about the accounting involves four stages: (i) recording the transactions, (ii) classifying-the transactions, (iii) summarising the trans
A company values its loose tools for inclusion in its balance sheet. The tools are not extremely valuable and the company uses estimating while valuing them. Which type of accou
Where does a poo make its way from?
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
Consisting mainly of accounting educators the American Accounting Association (AAA) has sought to encourage research and study at a theoretical level into the concepts or standards
how many tipe of accounts
It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces
Balance sheet is related along with reporting the financial position of an entity on a specific point in time. Such position is conveyed in terms of listing all the things of value
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
The American Accounting Association is one of the accounting organizations discussed later in this Introduction it defines accounting as "the process of measuring, identifying, and
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