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what is accounting disclosure
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Answer / emil john
an additioanal information attached to the financial statements and explnation for the entry
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Answer / babhu kanchupalli
As we know that an entity can prepare accounts based on the "Accounting principles (Concepts) and Conventions"
Full Disclosure is one of the conventions of Accounting procedure.....
According to this convention accounts of an entity must be free from the secrecy....always an entity must be willing to publish or provide information related to the accounts to any person....it may be a share holder, Govt or any person who ever is interested to know about the financial position of the particular entity....It includes Notes to the Financial statements also......
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My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance
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