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Sia ? 6 years, 5 months ago
- Summarising : It is the art of presenting the classified data in such a manner which is understandable and useful to various users of accounting statements. This involves balancing of ledger accounts and preparation of Trial Balance. Then final accounts are prepared from Trial Balance.
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Yogita Ingle 6 years, 5 months ago
| asis | Assets | Liabilities |
| Meaning | The economic value of an item which is possessed by the enterprise is referred to as Assets | The economic value of any obligation or debt owed by the enterprise to any other establishment or individual is referred to as a liability |
| Depreciation | Depreciable | Non-depreciable |
| Calculation | Assets = Liabilities + Owner’s Equity | Liabilities = Assets – Owners Equity |
| Position in Balance Sheet | Right | Left |
| Types | Non-Current Asset, Current Assets | Non-Current Liabilities, Current Liabilities |
| Example | Cash, Account Receivable, Goodwill, Investments, Building, etc., | Bank Overdraft, Account Payable, Long term borrowings, etc., |
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Sia ? 6 years, 5 months ago
A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.
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Sia ? 6 years, 5 months ago
The qualitative characteristics of accounting information are as follows:
- Reliability : It means the accounting information must be reliable i.e., the users must be able to depend on the information. It must be factual and verifiable. A reliable information should be free from errors and bias.
To ensure reliability, the information disclosed must be credible, verifiable by independent parties, must use the same method of measuring and be neutral and faithful. - Relevance : Accounting information presented by financial statements must be relevant to the decision making needs of the users. It means Unnecessary and irrelevant information should not be included. To be relevant, the information must be available on time, must help in prediction and feedback, and must influence the decisions of users.
- Understandability : It implies that the information provided in the financial statements must be prepared in such a manner that it is understandable by the its users. Understandability implies that the accounting information provided to the decision-makers must be interpreted by them in the same sense as it was prepared and conveyed to them. This can be done by giving proper explanatory and working notes to explain the information.
- Comparability : It means that the users should be able to compare the accounting information. To be comparable, accounting reports must belong to a common period and use common unit of measurement and format of reporting.
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Yogita Ingle 6 years, 5 months ago
These various types of accounting are known as subfields of accounting. They include financial accounting, management accounting, human resource accounting, etc.
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A trade discount is a routine reduction from the regular, established price of a product. The use of trade discounts allows a company to vary the final price based on each customer's volume or status.
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Sia ? 6 years, 5 months ago
Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.
Expense is the cost incurred in or required for something.
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