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Q. Illustrate the Financial accounting process?
In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you how to recognize a business transaction and describe underlying assumptions that accountants use to record business transactions. Subsequently you learn how to analyze and record business transactions. In the balance sheet presented the total assets of Metro Courier Inc were equal to its stockholders' equity and total liabilities. This equality demonstrate that the assets of a business are equal to its equities; i.e.
Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when
Q. Balance Sheets of a limited company are shown in figure as on 31 st December, 2008 and 2009: Taking into account the following additional information, give a statement
state why carriage inwards is stated on the trading account
AL MASA a sole trader,decided to install a new machine to use
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
identify the income statement account
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
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
Goods returned to Karl 2000
What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
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