Convention of Materiality
Give a brief introduction of the term Convention of Materiality?
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This accounting convention suggested that while accounting only those transactions will be considered that have material effect on financial status of the organization and other transactions which have irrelevant effect will be disregarded. It gives relative significance to an event or item.
According to Income Tax Act, 1961what technique of depreciation calculation is employed to evaluate the tax liability?
Describe briefly the term Direct labor cost?
Briefly describe Written down Value (or Reducing Balance) method to compute depreciation?
Briefly describe the term ‘Stock market indices’? Write down the name of major stock market indices?
explain the accrual basis of accounting by defining principles involved
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Write down the demerits of IFRSs.
Give a brief introduction of the term ‘accounting concepts’?
What are the advantages and disadvantages of money measurement assumption?
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