payable.., Accounting Standards

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International accounting standard committee, International Accounting Stan...

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

Objectives of final accounts, Objectives of final accounts describe ...

Objectives of final accounts describe Final Account; know their objectives and preparation of Trading and Loss and Profit Account; find out the difference among Trad

Net sales, This includes both cash and credit sales of goods. From this dem...

This includes both cash and credit sales of goods. From this demonstration of total sales, sales return also termed as Returns Inward, if any then is deducted in the inner column a

Items in the profit and loss account, The subsequent items are debited in t...

The subsequent items are debited in the profit and loss account as: 1. Administrative expenses comprising office salaries, office lighting, office rent, printing, director's fee

Accounting defined, The American Accounting Association is one of the accou...

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

Profit and loss account, Loss and Profit Account is prepared so as to disce...

Loss and Profit Account is prepared so as to discern whether the firm has made net profit or suffered net loss for a specified accounting period. Such account deals along with indi

Development costs in its financial statements , AB Limited is a manufacturi...

AB Limited is a manufacturing entity that runs a number of operations including a bottling plant that bottles carbonated soft drinks. AB has been developing a new bottling process

Accounting information, explain how accounting information may be used when...

explain how accounting information may be used when an owner wants to justify a price in one of their lines of house paint

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