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Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle
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
Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years. What does the consistency principle allow the comp
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
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