Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Solved Assignments
Asked Questions
Answered Questions
accounting like a field of study in its developmental process has evolved a theoretical framework consisting of concepts or principles over period of
along with a view to harmonise varying accounting policies and practices recently utilize in india the institute of chartered accountants of india
standards at international level in view of the development of international trade and multinational enterprises the requirement for standardization
standardization in uk and usa although the institute of chartered accountants in england and wales began creating recommendations as 1942 real
gaap are usually developed through professional accounting bodies as american institute of certified public accountants aicpa and icai that is
the information contained in published financial statements is of specific importance to external users as shareholders and investors without any
the fundamental concepts discussed in the previous paragraphs are the core components in the theory of accounting such concepts as postulates or
some the other concepts as for example the matching concept the dual aspect concept and the realization concept are discussed in further sections and
though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control its assets have
consistency conceptin practice there are some manners to record an event or a transaction in the books of account for illustration the trade discount
materiality conceptthere are several events in business that are trivial or insignificant in nature the cost of reporting and recording such events
concept of conservatismthe concept of conservatism also termed as the concept of prudence is frequently stated as anticipate no profit give for all
accrual conceptthe accrual concept makes a distinction among the receipt of cash and the right to obtain it and the payment of cash and the legal
the resources as machinery property buildings and land rights etc such a business owns are termed as assets the money values allocated to assets are
accounting supposes that the business as an accounting entity will continue to operate for a long time in the future unless there is superior
in accounting only those facts that can be expressed in terms of money are recorded when money is accepted not merely as a medium of exchange but
which of the following statements is false of just-in-time jit manufacturing systemsanswerdemand pull means a closer relationship with the
carloffcremes cc planned to sell 40000 queen size at 20 each and 20000 king size at 15 each actual sales of the former were 45000 and 25000 of the
the following information is for the third quarter of this year plannedactual production92000 units87000 units direct labor hours506800 dl
computing equivalents units and assigning costs to completed units and ending work in process no beginning inventory or cost transferred in 30
the following information pertains to fairways driving range inc the company is considering operating a new driving range facility in
in accounting we create a distinction between business and the owner all the records are maintained from the viewpoint of the business quite than
in earlier section we had illustrated accounting as the language of business along with language accounting has several dialects there are
gaap that is generally accepted accounting principles encompass the conventions rules and processes necessary to explain accepted accounting practice
the conventions and rules of accounting are commonly termed as the conceptual framework of accounting along with any discipline or body of knowledge