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determine the income statement columns of worksheetincome statement columns of the worksheet would comprise the amounts from adjusted trial balance
company took loans of rs 400000from mbl and issued 8 debentures of rs 500000b as collateral security pass journal entries regarding issue of
how to prepare the worksheet look carefully at worksheet in the text remember that it is an informal working paper used to prepare financial
illustrate about the matching principle this principle requires that expenses and revenue be recorded in accounting period in which they occur for
explain the term- depreciationthis is a term which is used to describe the expense which results from loss of usefulness of an asset because of age
what is trial balancethis statement is a listing on a certain date which demonstrates all accounts and their balances this generally happen at the
state the term- debits must always equal creditsto help understand temporary owners equity accounts all transactions which affect owners equity could
explain the types of financial statementsincome statement this is a summary of a businesss expenses and revenue for a specific period of time it only
financial statementssummaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an
explain the business assets withdrawal withdrawal drawing is removal of business assets for personal use by owner this transaction decreases the
business transactions and the accounting equationa transaction is any activity which changes the value of a firms assets liabilities or owners
what is owners equitydifference between liabilities and assets is owners equity the can also be known as capital proprietorship or net
define the term - liabilitiesliabilities are debts owed by business paying cash is generally not possible or convenient so businesses purchase
what are the elements of accounting assetsassets are items with money value which are owned by a business some instance are cash accounts receivable
state the term - partnershipa partnership exists where at least two individuals carry on a business together with intention of making a profit
benefites of management accounting informationto obtain this benefit businesses have become more customer driven which is concerned with satisfying
explain about the management accounting management accounting has also changed by becoming more outward looking in its focus in past information
how accounting helps in internationalisation of businessesinternationalisation of businesses has created a need for accounting rules to have an
enumerate the fundamentals of financial accounting informationframe works and principles which have been developed try to address fundamental
illustrate the cases of financial accountingenron an energy-trading business which is based in texas and was accused of entering into complicated
has accounting become too interestingin recent years accounting has become front-page news and has been a key talking point among those connected
what is differences in access to financial informationdistinction between the two areas of accounting reflects to some extent differences in access
distinctions between management and financial accounting we can observe that management accounting is less constrained than financial accounting it
what is time orientationfinancial accounting reports reflect position and performance of business for the past period essentially they are backward
management accounting and financial accountingaccounting is generally seen as having two different strands which are management accounting that seeks