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

What do you mean by return on investment, Q. What do you mean by Return on ...

Q. What do you mean by Return on investment? Return on investment (ROI) -- a measure of efficiency and effectiveness with that managers use resources available to them, express

Define the product costs, Q. Define the Product costs? Product costs ar...

Q. Define the Product costs? Product costs are costs earns in the acquisition or manufacture of goods. Since you will see in the next section included as product costs for purc

Abc''s product information current product, ABC's Product information Cu...

ABC's Product information Current Product Expansion Product (estimate) Selling Price $14.50 $ Units produced and expected to be sold 80,000 5,000 Machine Hours 40,000 5,00

Common adjustments in balance sheet, COMMON ADJUSTMENTS AFFECTING THE PREPA...

COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock :  Closing stock come into view on the credit side of trading account and assets side of

Illustrate lcm method, Q. Illustrate lower-of-cost-or-market method? Pr...

Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th

On january 1, On January 1, 2012, Bartell Company sold its idle plant facil...

On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca

Explain the dual aspect concept and materiality concept, Illustrate the sub...

Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept

Accounting, What is the difference between financial statements prepared fr...

What is the difference between financial statements prepared from the expanded accounting equation and those prepared from a trial balance?k question #Minimum 100 words accepted#

What is fob shipping point, Q. What is FOB shipping point? FOB shipping...

Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o

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