There are two systems of accounting followed - ●      Single Entry System ●      Double Entry System Single…

It is necessary to know the classification of accounts and their treatment in double entry…

It is a policy of playing safe. For future events, profits are not anticipated, but…

If the disclosure or non-disclosure of an information might influence the decision of the users…

The Companies Act, 1956, prescribed a format in which financial statements must be prepared. Every…

To compare the results of different years, it is necessary that accounting rules, principles, conventions…

According to the Objective Evidence concept, every financial entry should be supported by some objective…

As stated above in the matching concept, the revenue generated in the accounting period is…

Matching concept is based on the accounting period concept. The expenditures of a firm for…

The life of a business unit is indefinite as per the going concern concept. To…