Concept of conservatism, Concept of Conservatism: The concept of conse...

Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It

What is depreciation, Q. What is Depreciation? Depreciation -- an expen...

Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y

Show double-entry procedure or duality, Q. Show double-entry procedure or d...

Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb

Eco-02, define accounting.Briefly explain the accounting concepts which gui...

define accounting.Briefly explain the accounting concepts which guide the accountant at the recording stage.

Type of Assets, How many kind of Assets?

How many kind of Assets?

Actual operating Cost,

Accounting, define accounting

define accounting

Explain the term - federal income tax, Federal income tax Except specif...

Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo

Sales returns affect both revenues and cost of good, Q. Sales returns affec...

Q. Sales returns affect both revenues and cost of good? When a company sells merchandise to customers then it transfers the cost of the merchandise from an asset account that i

Fiscal year, A time of 12 consecutive months used by an organization to acc...

A time of 12 consecutive months used by an organization to account for and report the results of its operations.