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How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Advantages of inflation accounting?
An advantage of inflation accounting, is that it can correct problems with inflation. The negative part about inflation accounting is that it is not fair value accounting.
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 do you call someone who works in accounting management?
An accounting manager.
Advantages of historical cost accounting?
strength of historical cost accounting
What accounting entity convention means?
Accounting rule that states the owner is regarded as being separate and distinct from the business.
What transaction is found first on accounting record?
The "journal" is the first transaction found on the accounting record.
What is most closely linked to accounting conservatism?
Lower of cost or market rule
True or FalseBoth the IRR rule and the accounting rate of return rule take into consideration the time value of money?
accounting rate of return not take into consideration the time value of money as regrading to actual financial statements which prepare on the historical cost
History of accounting in the Philippines?
Accounting was first introduced by Friar Luca Pacioli in the Philippines.
The first thing which needs to be done in cost accounting is to do?
The first thing which needs to be done in cost accounting is to Calculate the selling price.
What is the first step in accounting cycle?
First step in accounting cycle is Journalizing the business transaction in journal which is book of original entry.
When would one use the slide rule?
A slide rule is used for multiplication and division and it can also be used for trigonometry. It can also be used in money fields such as accounting.
What is the golden rule of accounting?
I presume you're asking for the golden rules of accounting, instead of the golden rules of accounts.The "golden rule of accounts" doesn't even exist, anyway, even if you wanted to know what it is.In this case, the golden rules of accounting are:For personal accounts, debit the receiver and credit the giver.For real accounts, debit what comes in and credit what comes out.For nominal accounts, debit all expenses/losses and credit all income/gains.
Is First in Last out a generally accepted accounting principle?
No. It's first in first out.
What is the abbreviation of Accounting?
The abbreviation for the word Accounting is ACCG, while at first I thought it may be ACC, ACC actually in accounting stands is the abbreviation of Account.
Why are there so many rules in accounting?
Because there's a rule for every exception to the previous rules that has come up.
