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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
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
after going through this section you should be capable to appreciate the needs for a conceptual framework of accounting understand and appreciate the
any activity which you perform is assist if you comprise a set of rules to guide your efforts moreover you determine that these rules are of more
accounting is a significant service activity in business and is concerned along with collecting evaluating communicating and recording the results of
an accounting is a service function the main accounting executive through whatever name he is termed as holds a staff position except inside his own
finance officer the life blood of business is finance procuring financial resources and their judicious utilization are the two significant
treasurer he is the custodian arid manager of each cash and near-cash resources of the firm the treasurer arranges credit reviews and sets policy for
controller controller another name for chief accountant is generally the head of the whole region of accounting including internal audit he is
1 fill in the table below assume tc stands for total cost tfc as total fixed cost tvc as total variable cost atc as average total cost afc as
internal auditor internal auditor is a worker of the organization in contrast to an external auditor who is paid a fee for his employment the
there is almost not any organization that does not have an accountant his task is all pervasive and he is included in a broad range of activities
we are here left along with statement d that defines an accountant as a professional and emphasize his pre-occupation within management of
having discussed the possibility of accounting and its emerging function we are currently in a position to illustrates as to who is an accountant in
consumers and others consumers organizations welfare organizations media and public at huge are also interested in condensed accounting information
management organizations may not or may exist for the sole reason of profit though information requires of the managers of both types of
government in a mixed economy this is seems to be the duty of the government to direct the operation of the economic system in that a way which it
employees the view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes
creditors this may be short or long-term lenders short-term creditors comprise suppliers of materials services or goods they are generally termed as
shareholders and investors as shareholders and the other investors have invested their wealth in a business activity they are interested in
as discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other
inflation accountingit is related along with the adjustment in the value of assets that is current and fixed and of income in the light of