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Accrual basis of accounting means that the costs or revenues of events are renowned in the period in which they happens; by the cash flows may take place in another accounting period.
Like for a period of July 05 - October 05, if the organization was because of receive 1000K from an individual X but has not received yet for some reason, will receive in November 05. It would be still be accounted for in the period July 05 - October 05 and not the period initial from November 05.
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Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh
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WHAT IS ACCOUNTING STANDARDS
Zack is a farmer who buys his feed and fertilizer from a farmer cooperative. In 2012, Zack purchased $300,000 in feed and fertilizer for the farm and $10,000 of household goods. Be
Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r
Other than the Parsimonious forecasting approach, what other financial forecasting approaches are there? Other than the Parsimonious forecasting approach, there are a number of oth
Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r
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