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Q. Explain about business entity concept?
A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation may consist of several separate corporations every of which is a separate legal entity. For reporting purposes but the corporations may be considered as one business entity because they have a common ownership. Section 14 illustrates this concept. When accountants record business transactions for an entity they suppose it is a going concern. The going-concern (continuity) assumption states that an entity will carry on operating indefinitely unless strong evidence exists that the entity will terminate. The termination of an entity takes place when a company ceases business operations and sells its assets. The process of termination is called as liquidation. If liquidation appears probable the going-concern assumption is no longer valid.
Internal Auditor: Internal Auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment. The internal auditor is responsible for
Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th
hi I was wondering you use provide the solution of the back of the book for advance accounting theory by Craig Deegan 4 edition ISBN - 13: 978-007101314 - 7 ISBN - 10: 007101314
Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
what are the internal sources of accounting?
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
how can i determine the total debt of a commercial bank? Which financial statement do i need to look?
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
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