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What is accounting assumption?
accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from.
A journal is not useful for?
preparing financial statements.
Who is responsible for preparing financial statements?
Director's
How major accounting concepts are used in preparing financial statements?
HomeThis BlogAuthorAccounting BodiesSubscribeAccounting TermsRevision NotesQuestionsE-BooksFeaturedinternet advertisingMajor Accounting Concepts
What is the going concern assumption?
In accounting, "going concern" refers to a company's ability to continue functioning as a business entity. It is the responsibility of the directors to assess whether the going concern assumption is appropriate when preparing the financial statements. Financial statements are prepared on the assumption that the entity is a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations.
The cost principle is the basis for preparing financial statements because it is?
The cost principles is the basis for preparing financial statements because it is? B. Relevant and objectively measured, and verified.
What are the interrelationships that are important to understand when preparing financial statements?
The net income from the income statement is used in the retained earnings statement.
There is really no benefit in preparing financial statements in any particular order?
false
Preparing personal financial statements is part of which of the five steps of the financial planning process?
B. Analyse your current financial position
Explain how fundamental accounting concepts are used in preparing financial statements?
explain using various example, how the major accounting concepts are used in preparing financial statement??
Would it be advisable to allow businesses some flexibility or creativity in preparing financial statements?
no
Updating accrual accounting records prior to preparing financial statements is called?
closing process
