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What is an accounting assumption?
The preparation of accounting information is based on certain fundamental principles which are named as accounting assumptions. These are, like any other assumptions, things that accountant assumes before he prepares accounting information. For example: every asset that an organization has is depreciated for future, because accounting supposes that it is going to be used in the future. In most cases, it will be but in some cases it won't, but as an accountant you must always assume or suppose that it will. There are various other assumptions, or principles that accounts make believe while preparing accounting information. Some of them, which I know of, are: * Business Entity Concept * Going Concern concept * Historical Cost concept * Accounting Period Concept * Materiality concept * Full Disclosure concept All these concepts are known as accounting assumptions, there may be few more which I am , at this moment, oblivious to. Manish Regmi
What is the concept of hedge accounting about?
Hedge accounting is basically a way for two things to come together so when one of the two shows a loss, the other will offset that loss and help it to break even. Hedge accounting seems to be a very complicated process that businesses use.
The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the?
The accruals concept, otherwise known as the matching concept as it's purpose is to match expenses and revenue to each other in the correct accounting period.
What are some ways in which accounting for health care organizations especially not-for-profit ones tends to differ from accounting in other industries?
accounting for healthcare organizations in not-for-profit ,tend to differ from accounting in other industries.
What is meant by the concept of neutrality in accounting?
financial statements are not prepared in a way to favor groups of users (managements, owners, creditors ect) over other groups. the information is prepared to be helpful to all
What is an accounting assumption?
The preparation of accounting information is based on certain fundamental principles which are named as accounting assumptions. These are, like any other assumptions, things that accountant assumes before he prepares accounting information. For example: every asset that an organization has is depreciated for future, because accounting supposes that it is going to be used in the future. In most cases, it will be but in some cases it won't, but as an accountant you must always assume or suppose that it will. There are various other assumptions, or principles that accounts make believe while preparing accounting information. Some of them, which I know of, are: * Business Entity Concept * Going Concern concept * Historical Cost concept * Accounting Period Concept * Materiality concept * Full Disclosure concept All these concepts are known as accounting assumptions, there may be few more which I am , at this moment, oblivious to. Manish Regmi
What concept is the most basic concept to accounting?
idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other information is to be analyzed, accumulated, and reported.
What are the concepts of accounting?
where are 7 Accounting concept in the books of CIE which are done for methods e.g deprecation=prudence if the company will complete forward=going concern etc.idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other...Accounting concept are customs and tradition which are used as a guide for preparation of financial statements
What is the dual aspect concept?
Dual Aspect concept: This state that there are two aspects of accounting, one represented by the assets of the business and the other by the claims against them. The concept states that these two aspect are always equal to each other. In other words, this is the alternate form of the accounting equation: Assets=Liabilities+Capital Dual aspect concept is known as "Double Entry Book Keeping System".
What accounting concept addresses the ability of partners to commit other partners to a contract?
Mutual agency
What is the concept of comparability?
The concept of comparability is used in accounting whereby a business is comparable to different periods and with other companies. This is used as a measure of the business's performance.
Why financial accounting defer with other disciplines?
Financial Accounting just deals with the recording, analysing and classification of financial statements. Whereby other disciplines related to Financial accounting deal with the information "recieved" from Financial Accounting. For example : Management Accounting deals with making decisions for the company's growth and stability, on the contrary Financial accounting provides the data to management accounting for its decision making process.
What is the concept of hedge accounting about?
Hedge accounting is basically a way for two things to come together so when one of the two shows a loss, the other will offset that loss and help it to break even. Hedge accounting seems to be a very complicated process that businesses use.
How does the concept of consistency aid in the analysis of financial statement?
In accountancy, the concept of consistency refers to using the same accounting methods each year. This ensures that the financial statements for each year can easily be compared with each other.
How does concept of consistency aid in the analysis of financial statement?
In accountancy, the concept of consistency refers to using the same accounting methods each year. This ensures that the financial statements for each year can easily be compared with each other.
Can tort law be conflicting?
Question is too vague - give an example. Tort law is no more (nor less) confusing than any other law.
Is accounting a good field to find a job in?
Accounting is a great field to find a job in because accountants are always necessary! The best part of looking for a job in accounting is that one can work independently AS an accountant, or as part of the accounting department for a company that provides other services. For example, an accountant may find a job doing accounting for a hotel.
