Explain accounting concepts
Give a brief introduction of the term ‘accounting concepts’?
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Accounting concepts are those basis suppositions upon which essential procedure of accounting is depending.
The basic accounting concepts are illustrated below:
i) Business Entity Concept ii) Dual Aspect Concept iii) Going Concern Concept iv) Accounting Period v) Concept Cost Concept vi) Money Measurement Concept vii) Matching Concept
What is the major difference between the LOV and Picklist? Illustrate briefly?
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The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
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Give a brief introduction of the term Capital Expenditure?
Write down the steps in procurement of material?
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