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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.
Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re
contractee account is it an assets account or expenses Account
Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........gener
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10
how bookkeeping differ from accounting
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
How do you do cross-indexing?
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