How is going concern assumption and accounting period
convention related?
- 2 Answers
- 5907 Views
- I also Faced
- E-Mail Answers
Answer Posted / ravindra
Going concern concept says that the firm is not going to
close with in a short span of time.
Accounting concept means all the concepts of accountancy has
it's own significance
1. business entity concept - business and owner are seperate
2. money measurment concept- which deals with money
| Is This Answer Correct ? | 0 Yes | 1 No |
Post New Answer View All Answers
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
What is the difference in accounting and marketing?
Please guide in details about Payroll in Tally.erp9??
Company XYZ split 5:1 on June 30, 2008. Date Close Price # of Shares Revised Closed Price Revised # of Shares June 15, 2009 $75.00 5,000 $75.00 5000 April 23, 2009 $72.00 7,500 $72.00 7500 March 31, 2009 $67.00 135 $67.00 135 March 31, 2008 $275.00 531 $55 2755 November 30, 2007 $233.00 266 $46.6 1330 October 6, 2006 $1,333.00 10 $266 50
my company taken a hdfc car loan rs.355493/= but bank received only 347345/= .after received the amount company purchase the car. after that regular emi paid to hdfc bank.
What are the three factors that can affect your cash flow and business profitability?
Can salary paid to promoters before incorporation be taken as a part of pre-incorporation expense? If yes how is the TDS part to be dealt with?
as  per partnership deed, salary to working partner is rs 8000/ per month (96000 annually), suppose if i have book profit of rs 50000/ only,then what is the procedure to give salary
My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance
Mention whether the account "cash" will be credited or debited when a company pays a bill?
how to pass interest on security entries and salary payable entries in tally and how to maintain e-commerce company account please revert me ASAP its needful for me
Define public accounting?
Explain me fair value accounting?
what is a grn in terms of accounting ? what is a grnthroughpo in terms of purchase order? what is a direct grn?
WRITE ABOUT ANY 1 "WOMENS ARE BEST MANAGEMENT PERSON" "IF UR FINANCE MINISTER OF INDIA" "V R RESPONSIBLE FOR OUR ENVIRONMENT"
