Accounting concepts

answered on 19-Feb-22 05:05

What are the two basic difference among Accounting concepts, principals and conventions ?

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* Concepts-------- assumption having Universal application based on which financial statements are prepared *conventions:----- rules as per usage practice and Customs *principal------- rules relating to theory and procedures Note: about three are known as (GAAP) -}}} Generally Accepted Accounting principles which is backbone of accounting system

Jitendra Kumar

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Finanal Accountants

answered on 21-Feb-22 10:51

Net profit

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Provision for taxation will be shown as liability in Balance Sheet (not in P&L as already a part of Trial Blanace). Income tax paid as asset.

Hemanthkumar Hemanth

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Financial Accounting

answered on 18-Feb-22 21:06

Answers

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Sry sir I post wrong photo

Hemanthkumar Hemanth

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PARTNERSHIP ACCOUNTS -------------> Hidden Goodwill

answered on 19-Feb-22 13:56

If hidden goodwill exists in question, can I raise goodwill and then written off it ( if question remains silent regarding same )? Would It be done as mentioned above ?

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Thx sir

Varun Mulay

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Accounts for partnership

answered on 17-Feb-22 12:14

What is Limited Liability Partnership? And what is it's purpose?

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Suggest to please take things lightly here. None of us is as smart as all of us. So, let's make sure we collaborate here because Together it is ! LLP - a form of business organisation which mixes the benefit of partership with that of Company. It's generally preferred by professionals to enjoy the benefit limited liability feature and doesn't contain high compliances as required for companies.

Chris Topher

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Partnership

answered on 17-Feb-22 12:48

What is the difference between Insolvency and Bankruptcy?

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Insolvency is a state where assets are insufficient to meet the liabilities. If it remains for long, it leads to bankruptcy i.e. legal process or order

Gobi k

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Mcq??

answered on 17-Feb-22 12:32

What is the ans for 4th Q. .......which was given in below image..... And tell me the logic also pls...anyone.......

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Answer is conservatism i.e., we should not anticipate any future income however we should provide for all possible losses. 'Cost or market price whichever is lowerâ?? originated from this concept.

Balachandar S

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partnership - highest relative capital method

answered on 18-Feb-22 16:43

if we have the partner's capital and the current account how do we proceed with the sum? do we take the capital to start the working or do we use the current account for the method

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You would arrive at closing balance after transferring the current account balance to the capital account.

Isabel Kingston

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Amalgamation of companies

answered on 16-Feb-22 12:11

How to treat Discount on issue of Debentures ? On which head it should come in Schedule 3 of Balance Sheet ?

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In notes to accounts under the same head where Debentures are shown. Long term borrowings / Short term borrowings

VIGNESH M

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Concept of accounting....

answered on 28-Mar-22 09:28

What is realisation concept in layman's. can anyone's tell me with an any understandable example also for this.....pls anyone..tell....................

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According to the realization principle, revenues are not recognized unless they are realized. The point at which revenues are realized is circumstantial. For example, revenue is realized when goods are delivered to customers, not when the contract is signed to deliver the goods.

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