Answer / deepak jha

Basic fundamental Accounting assumptions are:
1: Going concern
2: consistency
3: Accurual

Answer / 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.

what is bond and what is debentures

11 Answers   Karvy,

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I know that rate of stock turnover = cost of goods sold/ average of stock. average of stock = (opening stock + closing stock)/ 2 what happens if it is a new business with no opening stock? do u take closing stock/2 or simply just take closing stock as the average stock figure?

1 Answers  

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what is MERCANTILE Accounting system? how many accounting systems are followed in India

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in a every intervew asking one common question why you are living current employer, which is the best answer

0 Answers   Bank Of America, HSBC,

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Realisation account vs revaluation account

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How is the Cost of Goods Calculated????

13 Answers   ICAI,

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We have a registered dealer under APVAT Act. Our company is manufacturing & marketing of seeds. seeds exempted under vat. recently we have purchased machinery for our new plant construction, against c form. now sales tax dept.not giving the c forms, because our final product is exempted, we are not eligible for c forms. kindly clarify.

0 Answers  

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how to calculate IT? if bank intrest:1036 , long term capital gain:448841 short term capital gain :894 , income from rent 225000, and income from other source 347478, Advance tax paid 25000,lic 101508, medicliam 6990 and tds recd.25000

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what is the meaning of Processing Vendor/Employee payments

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Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec received the Insurance Premium 13000/-. Pass the Journal Entry for all the above three

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Why we Add the net profit in the balance sheet ? Why we shows profit in the liability side of the balance sheet?

12 Answers  

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how we can show cash deposited in sbi? in tally (i.e.at the place of Account what we have to post) (at the place of particulars what we have to post)

1 Answers  

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