Financial Statements

Decrease in share premium account is shown under 'Cash flow from financing' activities as this is related with issuance and buy back of shares

debit Retained earnings
credit loan to company

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The IRS doesn't care whether you spend your money on gambling, a house, a car, alcohol or lawsuits. If you had won the lawsuit, you would be able to offset any of the money that was income (winnings are not necessarily income) by the cost of winning the case. But in this case spending money doesn't affect your income. They want to discourage lawsuits, not provide incentives for them. Yeah, it can be harsh, but that's the way it is.

Inventory is recorded at the lower of cost or market value.

If you're not totally in love with it, it can be very stressful. Also, it depends on your area of practice - For instance Tax Accounting can be very difficult, whereas being a staff level accountant at a major firm can be relatively stress-free.

Accounts Payable on the Balance sheet represents a liability. It is the amount to be payable by the business/person to which/whom such balance sheet relates.

It generally includes short term payments. The payments which need to be made for day to day business activites.

There are two accounting methods commonly use and those are:

1 - Accrual Accounting

2 - Cash Accounting

1 - Accrual Accounting method is used in which expenses are recorded when they occur and not when actual cash is paid, In this method actual cash payment timing is not important for expense or receipt recording

2 - Cash Accounting method is used in which expenses are recorded when actual cash is paid for expenses or cash is received for services or product and in this method actual timing or expense or receipt is not important and all transactions are recorded at actual cash payment time.

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Journal Entry:

Interest on loan a/c xxxx
Loan a/c xxxx

Trading securities

Accounts found on an Income Statement are :

Cost of Sales, Sales Rev., Selling Expense and Wage Expense

You can get a copy of "Money for Nothing" at most music shops. Dire Straits did the number in 1984.

Is book dat records daily of cash b4 it is posted into the ledger

Premises are long term assets of company that's why these are shown in long term assets in balance sheet.

According to King Code III chapter 2 paragraph 180 requires that companies should disclose the remuneration of each individual directors and certain senior executives

It is the basic rule of revenue recognition that unless and untill goods are not transferred to the customers revenue cannot be recognized and internation accounting standard number 2 deals in revenue recognition.

Reserves are maintained from profit of current year business and profit is part of capital that's why reserves are also part of capital as if it is not maintained separately it will be included in profit or capital.

Cash flow statement shows how much cash in and outflow from business due to operating, financing and investing activities.

relationship between financial and non-financial performance

indicators in achieving corporate governance compliance.

standalone balance sheet is the reporting of one company itself not the subsidiaries and ventures. It is the standing of one part, or one company fetching performance individually.

Debit net income
Credit owner's capital account

[Debit] Asset / goods in kind

[Credit] Share Capital