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PROFIT AND LOSS ACCOUNT CONCEPTS:
The initial point in accepting the profit and loss account is to be clear about the
Significance of "profit". Profit is the return for taking risk. Profit has a significant role in assigning resources (land, labour, capital and enterprise). Put basically, falling profits indication that resources should be taken out of that business and put into one more one; increasing profits signal that resources should be stimulated into this business. The major task of accounts, so, is to monitor and measure profits. Profit = Revenues less Costs. So observing profit also means measuring and monitoring revenues and costs. There are two parts to this:-
1) Recording financial data. This is the 'book-keeping' part of accounting.
2) Measuring the result. This is the 'financial' part of accounting. Profits are 'spent' in three ways.
1) Preserved for future growth and investment.
2) Returned to owners, example, a 'dividend'.
3) Paid as tax.
The decision has been made: You [Tracy] have opted to start your career by joining an international accounting firm. But you can't help wondering if you have the right skills both
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
I want to learning Accouny basic
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The past of accounting specifies the evolutionary pattern that reflects changing socioecoiom conditions and the enlarged reasons is that accounting is applied. In the current co
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It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax
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What is differences in access to financial information Distinction between the two areas of accounting reflects, to some extent, differences in access to financial information.
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
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