what is accounting concept? explian in brief?
- 9 Answers
- 17388 Views
- Capital IQ, Hero Honda, I also Faced
- E-Mail Answers
Answer Posted / srinivas.s
The necessary assumption in accounting are accounting
concepts.business Entity Concept,Going Concern consept,Dual
Aspect Concept are the few examples.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What is vat adjustment?
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
Pass the journal entry: rent outstanding
Explain the meaning of long-term notes payable is or long term liabilities?
how much cash transaction to single transport company per day and also per year
Do you know what are trade bills?
What is the diffrent job&project accounting?
what is valuation code and valuation modifier in sap fico
what is t code of all expences general legder?
What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?,
What are the reasons which cause pass book of the bank and your bank book not tally?
Explain me where a cash discount should be recorded in journal entry?
What do you mean by ledger posting?
What is accounting ethics?
Why is accuracy important in accounting?
