According to the Cost Concept, an asset is recorded in the books of account at the price paid to acquire it and the cost is the basis for all subsequent accounting of the asset. Since the acquisition...
Suppose you open a book store, so, in common parlance, it would be said that the business is being carried on by you, and you are earning profit or incurring loss. However, Accounting sees it...
Tips for scoring good marks in accounts:1. Always be attentive during the sessions2. Raise your doubts to clarify it immediately ao that it does not become your permanent doubt.3. Practice hard because...
Dear students,Depreciation refers to a phenomenon where the value of a fixed asset falls year on year. This change is due to obsolescence in technology, efflux of time and wear and tear of the fixed asset...
According to the Revenue Recognition Concept, revenue is considered to have been realised when a transaction has been entered into and the obligation to receive the amount has been established. It...