Answer Posted / yashita tripathy
*accounting entity - wherein the business considered as "a
separate and distinct entity apart from the owner"
* going concern assumption - the business is assumed to have
a continuous life of existence.
*time period assumption -since the business is assumed to
have a continuous life of existence, the life of the
business is divided into equal periods wherein at the end of
each period, the accountant prepares a financial statements.
the accounting periods can be monthly basis, quarterly
basis, semi-annual basis and yearly or annual basis (you can
use calendar year, fiscal year or natural business year).
*unit of measure - use of the country's standard monetary
unit (like dollars in U.S.A, Yen in Japan). This is to
assure that the "unit of measure| has a stable value (which
means, the purchasing power is constant regardless of
inflationrates or fluctuations in the money value.
* Accrual basis - assumes that the recording of income and
expenses follow the accrual basis of accounting. That is :
income is recognized when earned regardless of when it is
received and expenses is recognized when incurred regardless
of when it is paid.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
with out college degree con't we dc accounting job?
how to work on CMA form in manufacturing compay as well as how to analysis working capital ?
how u can control stock movments....like issuing raw materials receiving...in practical way..basically in ,y org we r using bin cards,barcodes etc but somehow need more concentration... help me frds..
what is finance what is bpo why do u want join a BPO types of process in BPO Company's
What is the Purpose of Preparing Bank Reconciliation Statement?
If DEBT/EQUITY ratio 2:1, is to good or bad for a company? how...??? can u explain it...???
what is meant by virus
what are the certificates needed at the time of SBI clerical interview?
what is similarites between tata motors and airtel
Whether construction of office cum storage comes under CMA under Agriculture or Non Farm Sector
how many schedules are there in accounting?
Why you choose commerce faculty & not science or Why you are in commerce & not in science ?
Dear all, Could you suggest me that if got a job in a/cs in Big org but on payroll of Outsourcing company,What should to prefer the company payroll or job the ?
Why not we must to created Provision & Reserve? And if we're not to recognized what the effect will be?
what do you meant auction? what is F & o segment?
