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What are the historical cost argue for and against its usage in the preparation of final account of a sole trader?
argue for and against the usage of historical cost in preparation of final account
What is the different between accounting principle and accounting principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
What accounting concept or principle provide guidance related to separate personal account with business account?
the accounting concept that separate the personal account from the business account is business separate entity concept
Differentiate bookepping from accounting?
Book Keeping is a art of maintaining the books of account where as accounting is a set of principle i.e Rules
What is account concepts?
Accounting concept are customs and tradition which are used as a guide for preparation of financial statements.
What are the principles of government accounting?
Fund accounting is the most important principle of government accounting. Separate funds are used to make it easier to account for all governmental costs.
What is the difference between accrual accounting and matching principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
Is bank account a real account in accounting?
No bank account is a Personal account in Accounting
What is Error of principle in accounting?
An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error, meaning that the value recorded was the correct value but placed incorrectly. For example, a company may record personal expenses as business expenses. An error of principle is different than failing to record the item in question ("error of omission"), or recording the wrong value in the correct account ("error of commission"). These errors are referred to as input errors.
What role do archaeologist play in accounting for historical events times and places?
Archaeologists account for historical events by finding artifacts where these events happened, then determining the age of the artifacts.
What is the best online accounting service for startups?
There are various types of online accounting services available. For example: bookkeeping, for preparing account receivables, account payables, compilation of financial statements, XBRL statement preparation and many more. It depends on what services you require.you can try these-Accounting Software for Small BusinessBilling and Invoicing Software for Small Business & Freelancers
Prudence Concept in accounting?
preparation of account involve estimations, measurements and and valuations according to the conservatism or prudence concept it is a good practice to follow a procedure that tends to understate things.
