what is outstand income
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
Book accounting is the method of accounting used within a company. This method utilizes ledgers, financial journals, balance sheets, and income statements.
what is financial accounting?
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
They are the same; in the financial year we earned income.
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
Full set accounting refers to a set of financial statements. The statements are made up of financial position, comprehensive income, changes in equality, and cash flow.
Book accounting is the method of accounting used within a company. This method utilizes ledgers, financial journals, balance sheets, and income statements.
what is financial accounting?
The purpose of financial accounting is to provide financial statements and financial reports to individuals who require them. This includes preparing a balance sheet, income statement, cash flow and notes. People that use this information usually have an interest in the company due to investment or ownership.
the difference between income derived from the viewpoint of maintaining financial capital (as in historical cost accounting) and income derived from a system of ensuring that physical capital
Following is the two major financial statements: 1 - Income statement 2 - Balance Sheet
The output of the financial accounting is preparation of financial statements.
Management accounting starts where financial accounting ends