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The main function of accounting is to accumulate accounting data so as to calculate the profit and loss made through the business firm throughout and also to KNOW the financial position of the business on a specified date. A business can ascertain this through preparing the last Accounts. Preparation of last accounts from a trial balance is the last phase of the accounting process. Final accounts include the preparation of Trading and Profit and Loss Account and the Balance Sheet, though the Balance Sheet is not an account but merely a statement. Trading and Loss and Profit Account are simply one account that is usually divided in two sections. The first section is termed as the Trading Account and the second section the Loss and Profit Account. In condition of manufacturing concerns, last Accounts also comprise the Manufacturing Account.
A firm of manufactures, whose books are closed on 31st December, purchased machinery for Rs.50,000 on 15 January, 2010. Additional Machinery was acquired for Rs.10,000 on 1st July,
Describe three examples of financial accounting practices and for each, explain how the practice assists in the decision making process
Accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of time. Such concepts enjoy a wi
To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB
Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate
Accounting Concepts: The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual ef
procedure followed in govt.system of accounting in india
Organize the Trading Account from the subsequent details: Office Rent Rs. 5,000;Purchases Rs. 80,100; Opening stock Rs.25, 000; Stock at the end Rs. 15,000; Carriage Inward Rs.
QUESTION The recognition of human capital by modern businesses has led to the development of Human Resource Accounting (HRA) Required- (a) Explain the following terms-
Inventory Within a trading firm, inventory is merchandise held for sale to customers into the ordinary course of business. In condition of manufacturing firms, inventory would
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