Describe about accounting, Accounting Basics

Assignment Help:

Q. Describe about accounting. Why is it called language of business?

Accounting is known as -an art of recording, classifying and summarizing transactions and events in a significant manner and in provisos of money. It is known as language of business because the financial performance and the financial position of any company need to be conveyed to the stakeholders of any business concern. This can be done by systematically preparing the financial statements and presenting to the interested parties.


Related Discussions:- Describe about accounting

Generally accepted accounting principles, GAAP that is Generally Accepted A...

GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........gener

What is beer direct materials and raw materials?, What is Beer direct mater...

What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph

Accounts show the amount of money owed to the firm, accounts show the amoun...

accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables

Proprietorship , After adjustments and the closing of revenue and expense a...

After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balanc

Could the choice of recording a capital asset impairment, Could the choice ...

Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.

Concept of ''fund'' , Concept of 'Fund' :  The word 'Fund' has a range ...

Concept of 'Fund' :  The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow

Present value, Present value -- a notion that compares the value of money a...

Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw

Advantages of setting accounting standards, Advantages of setting Accountin...

Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett

Manage budget and forecasts, hi i am lookimg forword someone to do my assig...

hi i am lookimg forword someone to do my assignmet plz as i am not feeling weel to do it by myself

Determine about the debit memorandum, Determine about the Debit memorandum ...

Determine about the Debit memorandum A debit memorandum is the buyer's written request to seller for credit. Individual account is debited to reduce the amount which they nee

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd