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What is the major difference between finance and accounting?
The major difference between finance and accounting is that, accounting is general, deals with all economic facts that occur throughout the financial year, financial is specific deals only with finances
Accounting period concept?
account period accounting period depends on the person carrying the business. Normaly it starts from 1st april. people may have calendar year as an accounting year.
What is time interval concept?
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
What is the difference between accruals and prepaid?
Accounts are drawn up over an accounting period - usually a year. An accrual is a payment physically paid in one period but referring to the previous one. A prepayment is a payment physically paid in one period but referring to the next one. Let's suppose that your accounting period ends on 31st May. You get a bill for coconuts that were supplied in May, but you don't pay it until June - that is an accrual. You pay for bananas in May but they are not supplied until June - that is a prepayment.
What is a accounting period of twelve months duration usually referred to as?
fiscal year
What is the difference between financial year and accounting year?
They are the same; in the financial year we earned income.
What is the major difference between finance and accounting?
The major difference between finance and accounting is that, accounting is general, deals with all economic facts that occur throughout the financial year, financial is specific deals only with finances
Accounting period concept?
account period accounting period depends on the person carrying the business. Normaly it starts from 1st april. people may have calendar year as an accounting year.
What is the name of the period of approximately eleven days which represents the difference between a lunar and solar year?
The period is called a "lunar year" or "lunisolar year." It is used in many calendars to reconcile the difference between the length of a lunar month and a solar year.
What is time interval concept?
In Accounting, also known as the Accounting Period Concept. Where business operation can be divided into specific period of time such as a month, a quarter or a year(accounting period) Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly.
A 12-month accounting period is called a?
a 12 month period is called a fiscal year, there is also a natural year.
What are the 2 types of accounting period?
1. fiscal year 2. Perpetual year
What is the period of difference between the lunar and solar year called?
The period of difference between the lunar and solar year is called the epact. This is the time it takes for the moon to return to the same phase relative to the sun, which is approximately 19 solar years.
What is the difference between accruals and prepaid?
Accounts are drawn up over an accounting period - usually a year. An accrual is a payment physically paid in one period but referring to the previous one. A prepayment is a payment physically paid in one period but referring to the next one. Let's suppose that your accounting period ends on 31st May. You get a bill for coconuts that were supplied in May, but you don't pay it until June - that is an accrual. You pay for bananas in May but they are not supplied until June - that is a prepayment.
What is the name of period of approx 11 days that represents the difference between solar and lunar year?
The answer is epact
What is a accounting period of twelve months duration usually referred to as?
fiscal year
An accounting time period that is one year in length but does not begin on January 1 is referred to as?
a fiscal year
