Answer Posted / yashita tripathy
*accounting entity - wherein the business considered as "a
separate and distinct entity apart from the owner"
* going concern assumption - the business is assumed to have
a continuous life of existence.
*time period assumption -since the business is assumed to
have a continuous life of existence, the life of the
business is divided into equal periods wherein at the end of
each period, the accountant prepares a financial statements.
the accounting periods can be monthly basis, quarterly
basis, semi-annual basis and yearly or annual basis (you can
use calendar year, fiscal year or natural business year).
*unit of measure - use of the country's standard monetary
unit (like dollars in U.S.A, Yen in Japan). This is to
assure that the "unit of measure| has a stable value (which
means, the purchasing power is constant regardless of
inflationrates or fluctuations in the money value.
* Accrual basis - assumes that the recording of income and
expenses follow the accrual basis of accounting. That is :
income is recognized when earned regardless of when it is
received and expenses is recognized when incurred regardless
of when it is paid.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
1. what is responsibility of inword & forward agent ? 2. how to control cash expenses give five step ? 3. what is Vat 3. how many type of depreciation
where does the closing stock appears in the trial balance?
Why does one need a broker?
why the closing stock is not considered in drawing trail balance.... Are there any other items like the above
whether financing to Bulk Milk Coolers comes under CMA under Agriculture or Non Farm Sector
why you would like to work for the our(AIRLINE) Group ???
Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
which kind of expenses or Income will come under direct expenses or Income ?
Total numbers of companies listed on stock Exchange?
what are the different kinds of cash books
what is Journal Entries?
an amount deducted from the catalog price for an item of merchandise is called?
All shot cut key use in the tally software & it's uses
How do you manage the sales account in tally
I WANT ACCOUNT ASSISTANCE INTERWIEV QUETION IN L&T
