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Gaurav Seth 5 years, 4 months ago
Attributes of Accounting:
1. Accounting is an art as well as a Science:
2. Accounting Records only those events and transactions which are of financial character:
3. Accounting records transactions by expressing them in term of money:
4. Functions of accounting:
5. Service activity:
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Muhammad Shoaib 5 years, 4 months ago
Gaurav Seth 5 years, 4 months ago
A financial transaction is the instance, where there exists either an outflow or inflow of cash. For example: purchase of furniture or goods, sales of goods, etc. It is termed as a deal between two persons because here, two parties are involved in it, i.e. when goods are purchased.
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Yogita Ingle 5 years, 4 months ago
It is the time period between the time of purchase of inventory and collections of any receivables on account of sale of the inventory or we can say it is time between acquisition of assets for processing and its final realisation in cash and cash equivalents.
Posted by Rounak Soni 5 years, 4 months ago
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Gaurav Seth 5 years, 4 months ago
(i) Creditors: for determining the credit worthiness of the organization.
(ii) Tax Authourities: for determining the credibility of the tax returns filed on behalf of the company.
(iii) Investors: for analyzing the feasibility of investing in the company. Investors want to make sure they can earn a reasonable return on their investment before they commit any financial resources to the company.
(iv) Customers: for knowing the financial position of its suppliers which is necessary for them to maintain a stable source of supply in the long term.
(v) Regulatory Authorities: for ensuring that the company's disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interests of the stakeholders who rely on such information in forming their decisions.
Posted by Nancy Dewangan 5 years, 4 months ago
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Sparsh Tyagi 5 years, 4 months ago
Yogita Ingle 5 years, 4 months ago
A fictitious assets is not an actual assets.It is just the not write off the losses of the business happened due to some event of busines.These are not transfer to P&L becz they follow the going concern principle of accounting. It is believe that these losses will occur on the affairs of business which provide the benefits for a few years.So,these will be written off with proportionate amount in the coming years of the business..e.g, preliminary expenses,discount on issue of debentures.and so on.
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Posted by Pritesh Sethiya 5 years, 4 months ago
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Yogita Ingle 5 years, 4 months ago
Three objectives of Accounting Standards:
i. Facilitates in better understanding of financial statements.
ii. Adopts and facilitates significant accounting policies
iii. Enhancing reliability of financial statements.
Posted by Vaibhavi Karanam 5 years, 4 months ago
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Gaurav Seth 5 years, 4 months ago
Accounting principles, concepts and conventions are known as Generally Accepted Accounting Principles (GAAP). These principles are the base of Accounting. Generally Accepted Accounting Principles (GAAP) refers to the rules or guidelines adopted for recording and reporting of business transactions, in order to bring uniformity and consistency in the preparation and the presentation of financial statements.
These principles have evolved over a long period of time on the basis of experiences of the accountants, customs, legal decisions etc., and which are generally accepted by the accounting professionals.
Posted by Manpreet Singh 5 years, 4 months ago
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Muskan Rani 5 years, 4 months ago
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Posted by Ravi Mishra 5 years, 4 months ago
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Gaurav Seth 5 years, 4 months ago
Purchase is the cost of buying inventory during a period for the purpose of sale in the ordinary course of the business. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold.
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