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USERS OF ACCOUNTING INFORMATION
SHAREHOLDERS,EMPLOYEES,PUBLIC,RESEARCHERS
Features of accounting information
understandability,reliability,comparability
explain the meaning of goods and service tax
indirect tax
Name any three current assets
stock ,debtors and bills receivable
Name 2 systems of accounting
accrual and cash system of accounting
Example for deferred revenue expenditure
advertisement suspence account
diminishing method means what
here depreciation will get reduced everyyear
objectivity principles stand for
all transactions should be backed by evidences
WHAT ARE CONTRA ENTRIES
CASH DEPOSITED IN TO BANK,CASH WITHDRAWN FOR OFFICE USE
Guidelines for accounting is called
accounting standared
What are indirect expences(ANY 3)
OFFICE LIGHTING,SALARY ,DEPRECIATION
why business org prepare Suspence account
to correct the errors in trial balance
ANNUAL DEPRECIATION FORMULAE
COST OF ASSET-SCRAP VALIUIE/ESTIMATED USEDFUL LIFE
GAPP EXPAND it
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
what are financial statement
Trading and profit and loss account and balancesheet
ADJUSTED PURCHASE EQUATION
OPENING STOCK +PURCHASE-PURCHASE RETURN-CLOSING STOCK
Who is the father of accounting
LUCA PACIOLI
Errors of commission includes.......
wrong balancing,wrong totalling,wrong casting
what is transaction voucher
non cash voucher
Write any direct expences(any 3)
wage,factory lighting/manufacturing expences
Functions of accounting
recording classifying summarizing interpreting
COST OF GOOD SOLD EQUATION
OPENING STOCK+PURCHASE -PURCHASE RETURN+DIRECT EXPENCES-CLOSING STOCK
state the meaning of Accounting vouchers
prepared by accountants these are the evidences of transactions
Explain management accounting
It helps management to take decisions
Error of principle meaning
Error due to nonadherence of principles