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What is accounting?
Accounting is concerned with analysing, collecting as well as communicating financial information. Purpose is to help people who use this info to make more informed decisions. If financial information which is communicated isn't capable of improving the quality of decisions made, there would be no point in producing it. Sometimes impression is given that purpose of accounting is basically to prepare financial reports consistently. Though it's true that accountants undertake this kind of work, it doesn't signify an end in itself. Ultimate purpose of the accountant's work is to give people better financial information on which to base their decisions.
explain accounting concepts and conventions
Q. What are the financial statements? Significant Accounts - An account is significant if there is more than a remote likelihood that account could include misstatements which
Adjusting Entries Clapton Guitar Company entered into the following transactions during 2013. [The transactions were properly recorded in permanent (balance sheet) accounts unless
The rules of intestacy Agricultural land, crops and livestock in certain areas of Kenya are not covered by these rules; they are distributed according to the law or custom of t
Q. Business risk in company? Business risk is the likelihood of a company experiencing changes in the level of its profit before interest as a result of changes in turnover or
Ask qCamp Corp had the following balances in its stockholders'''' equity at jan 1: Common stock, $2, par value, 450,000 shares issued $900,000 Additional pd in capial 1,200,000 Ret
General limitations of Net Present Value when applied to investment appraisal NPV is a generally used technique employed in investment appraisal but is subject to a number of r
How do I treat with Expenses Outstanding, for example, Marketing Expenses outstanding at year end is $1250. How do I adjust?. It is a note under the trial balance.
Calculation of the actuarial gain/losses in year to 31 December 2010 FV of plan assets PV of plan liabilities $000
In January 2013, Mitzu Co. pays $2,600,000 for a tract of land with two buildings on it. It plans to demolish Building I and build a new store in its place. Building 2 will be a co
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