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What is the definition of 'cost concept'?
" Under the Cost Concept, amounts are initially recorded in the accounting records or purchase price," Introduction to Accounting and Business by Warren, Reeve and Duchac.
Define geographic concept?
The study of regions and regional distinctions.
Define and describe the concept rhythm in phonetics?
definition of rhythm in phonology
Why Accounting is a means to an end and not an end in itself?
I think the accounting statement indicates that accounting is merely a tool, or a means, for measuring and determining the state of a business. Accounting is not an end in and of itself. Accounting doesn't define a business' purpose or goal. It's strategy and financing of a business plan that is actually the main purpose.
Those who define intelligence as academic aptitude are most likely to criticize?
Gardner's Concept of Multiple Intelligences
What are the constraints affecting accounting information?
Materiality and cost
What are the 12 key accounting concept?
There are 12 key accounting concepts. These concepts are, money - management, going concern, entity, dual aspect, cost, realization, time period, objectivity, conservatism, materiality, matching, and consistency.
What is difference between accounting income and cash flow?
accounting income is the financial figure that we get after deduction of all business expenses from sales.while making these deductions we follow some accounting assumptions.e.g matching concept, going concern assumption, materiality concept, etc. cash flow is the mechanism by which we see net cash generated or absorbed in business from different activities.
What are the Accounting principles?
1)going concern 2)consistency 3)materiality 4)principle of prudence 5)business Entity Accounting principles are those rules and concepts that are generally accepted as standards for the field of accounting. These are standardized by governing bodies such as GAAP and IASB. Few core principles are Accrual concept, Business Entity Concept, Time Period Assumption etc.
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
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Is materiality in accounting subjective?
Yes, materiality in accounting is subjective to some extent. It involves judgment about whether an item’s omission or misstatement could influence the economic decisions of users of financial statements. Different stakeholders may have varying thresholds for what they consider material, which can lead to differing interpretations. Ultimately, while there are guidelines, the application of materiality often relies on professional judgment and context.
Why accounting concepts of accruals and materiality maybe in conflict when preparing the final accounts of a business?
Accruals accounting recognizes revenues and expenses when they are earned or incurred, regardless of cash flow, while the materiality concept allows businesses to disregard certain accounting principles if the amounts involved are insignificant. This can lead to conflicts when deciding whether to record small, accrued expenses that, although technically required under accrual accounting, may be considered immaterial and thus not warrant recognition. Consequently, businesses might prioritize materiality over accruals to simplify their financial statements, potentially distorting the true financial position. Balancing these concepts requires careful judgment to ensure compliance and provide a fair representation of the company's financial health.
Concept of social responsibility accounting?
concept of responsibility accounting
What are accounting conversion and concept?
accounting concept are the basic knowledge of accounting on which basis monetry transation are made in accounting book.
What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
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
