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What accounting assumptions necessitate the use of adjusting entries?
Time Period Assumption
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
Defered revenu expinduture Meaning?
The deferred revenue expenditure refers to the incurred company expenses in one accounting period benefited for more than one accounting period. The common example of this expenditure is the cost of advertising and business licensing.
What are the normal terms for the repayment of a bank overdrafts in Australia?
taxes
What is accounting period concept?
Accounting period is the minimum time period for which comany prepare it's books of accounts.
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.
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
What are the cheapest universities for masters in accounting in australia?
The cheapest universities for masters in accounting in Australia are: UNSW International University The University of Melbourne The University of Adelaide
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.
Is accounting staff salary a period cost or a product cost?
Accounting staff are considered executive costs which would be a period cost.
What are the accounting values in Australia?
Please visit the Web site of the Australian Accounting Standards Board to review the accounting values for the country/continent.
What is accounting period conversation?
An accounting period refers to the interval between two points in time during which the financial activity of a business is measured.
What is normal gain in cost accounting?
there is no such thing as normal gain in accountancy terms
Why are closing entries required at the end of an accounting period?
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
What does red ink entry mean?
it is a intrest which is calculated for the period starting from closing of accounting period to the date of maturity of the bill of exchange issued during accounting period. it is reversal entry
What are the different bodies that are responsible for developing and enforcing accounting standards in Australia?
Start with the International Accounting Standards Board.
