BASIC CONCEPT OF ACCOUNTS

basic concept of account

BASIC CONCEPT OF ACCOUNTS

Meaning of event:any happing which brings about a change or may not bring any change in the financial position of a bussiness unit.it may be two event (1)internal event(external event) internal event that occurs within a bussiness unit such as using new materials in production death of general manager or labour union to call strike.external event that involves interaction between a bussiness unit and its environment example change in price of production

objective of accountin are many but two prime objectiv are

1 find the operating result during a given year

2 determine financial position in a given day

financial position is reflected through assets and liabilities of an orgnisation

assets-properties and position

which generates a flow of income

inhance income

assets need not be tangible

assets normally have relisable value certain special types of items

post accumulated losses pre incorporatio

BASIC CONCEPT OF ACCOUNTS

Share It Now

PinIt

please comment

Top