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What is Asset& Liabilities?
What is depreciation And define methods.
what is BRS and when we can use .
Explain Acconting concepts & principles.
General entry for paybles.
What is dividend?
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Answer Posted / aman vohra
Assets denotes those items which generate benefit to an entity in the coming future. Whereas, liability is the money payable in respect of arranging Assets or incurring expenditure.
Depreciation is the amount of amortization of fixed assets, due to normal wear and tear on account of changes in environment, regular use etc. Depreciation is calculated either on Straight line method or the WDV method. Under Straight line method, the total cost less salvage value is divided with the number of accounting periods, in which the asset is expected to give benefit. Under WDV method, depreciation is computed on an derived percentage on WDV at the beginning of each accounting period.
BRS refers to the Bank Reconciliation Statement. This statement explains various items resulting in difference between book balance and bank balance.
There are several accounting concepts and accounting principles. Generally, Historical cost concept is used and the accounting is done under GAAP, IFRS etc.
Journal entry for payable is as follows:-
Dr. Asset/ Expense Account
Cr. Provision for expense/ payable A/c
Dividend is the amount of profit divided among the shareholders in a limited liability company.
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