Answer Posted / vikash kr. sharma.

CONCEPTS::

::just as it is necessary to have good knowledge of grammar
in order to have sufficient control over language, in the
same way one must know the grammar of accounting. this is
way knowledge of accounting principles, concept, convention
and assumption is required. utility of accounting
principles is related with nature of accounting..


ACCOUNTING CONVENTION::

Accountancy is based on usages and custom. Custum or usages
is a practice which is in use since long. Naturally
accountants have to adopt that usage or custom. these are
termed as convention in accounting.

CONVENTION are also known as DOCTRINES.
Mjor convention are used in preparation of final accounts.


types of accounting convention:

1: CONSERVATION: provide for future losses but Anticipate
no profit..

2: DICLOSER : disclose all material information.

3: CONSISTENCY : continuance of accounting practices
regularly.

4: MATERIALITY : all material facts recorded..

Breif notes about accounting standards

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3. You are required to show the effect of each of the following changes on profit and Break-Even-Volume from the information given below: Sales 50,000 units Rs. 5.00 per unit Variable cost Rs. 3.00 per unit Fixed cost Rs. 70,000 Changes: (i) Price changes by 20%. (ii) Volume decreases to 40,000 units. (iii) Variable cost increases to Rs 3.50 per unit. (iv) Fixed cost decreases by 10%.

2237

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let me know the meaning and Nature of cash

2234

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During Cutover Activities of New SAP Implementing Company what we have upload for Closed Fiscal year (that means Legasy to SAP ) Balance sheet or Trial Balance , What is the difference of the Both?

1945

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what is the difference between financial accouning and financial management?

2256

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cash sales and credit sales both are asset or liability?

1494

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How now about sales tax and purchase tax.what is the persentage of those thing in tamil nadu.

2423

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why are you selecting for the profitbulity analysis costing based& active based

2187

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WHAT IS MEANT BY FACTORING, TRESURY BILLS,BULLS, BEARS

2321

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how a fund flow statement benefit the individual, corporate?

2297

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1. Fdr mature with interest

1910

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I am Lavanya i have been selected in HR round in HP INVENT and i have Operation round as next round may i know what will they ask here and after this what is the next round?????

4232

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Transfer nett profit of Rs 325000/- to Reserves and Surplus

2480

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business sepsarate entity concepts

1951

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you went outside to purchase vegetagles, suddently big rain came then what you will do

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