Accounting concepts and applications answers

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accounting concepts and applications answers

Management Accounting: Concepts and Applications by Ma. Elenita Balatbat Cabrera

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Published 19.12.2018

Questions and Answers - Accounting Concepts - Principles & Conventions - CA CPT - CS & CMA

Accounting is the process of record keeping for all financial transactions conducted by a business or organization. Managerial accounting uses the accounts for budgeting and planning purposes and to measure the company's performance. The type of accounting that a company practices depends on the type of industry and the firm's financial needs.
Ma. Elenita Balatbat Cabrera

Accounting Concepts, Conventions and Solutions

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In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities. To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently. The most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost.

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Accounting Concepts and Applications

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Hello, I wanted to clear my doubts on management accounting concepts. Then professor Aloke Ghosh has shared very good points on this concept. Thanks to him for helping me, I will ask him again if I need any help without any hesitation as he is very polite by nature. Hope this helps. Do your accounting homework, accounting assignments with our accounting helps you to do your accounting homework and accounting assignments email me homework solution and accounting tutoring help. Our homework assistance on prashant yahoo.

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