Explain accounting entity concept, Accounting Basics

Assignment Help:

Q. Explain Accounting entity concept?

Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entity. The business entity concept presumes that each business has an existence separate from its creditors, owners, employees, customers, other interested parties and other businesses.


Related Discussions:- Explain accounting entity concept

Measurement in financial statements, Q. Measurement in financial statements...

Q. Measurement in financial statements? In December 1984 the FASB issued Statement of Financial Accounting Concepts No. 5 The Recognition and Measurement in Financial Statement

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Describe the meaning of spin-off?, Spin off is making new company by sellin...

Spin off is making new company by selling or distributing the shares of existing company

Process for calculating gross earnings, Process for Calculating gross earni...

Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r

Vouchers, what is the exact meaning of journal that we doing entries??

what is the exact meaning of journal that we doing entries??

BRS, what is the BRS

what is the BRS

#title.suspense account, The book of Deven Verma could not be tallied. The ...

The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

If alisha maintenance manufacturing has: total maintenance, If Alisha Maint...

If Alisha Maintenance manufacturing has:  total maintenance cost of $2,785,000  total fixed maintenance cost of $310,000  total variable maintenance cost of $2,475,000  total m

The following unadjusted trial balance is prepared at fisca, The following ...

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $

Are mailing lists is prepaid or period expense?, Are mailing lists are cons...

Are mailing lists are considered as prepaid or period expens?

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