Why do you think " Gross versus Net"  became such a big  issue in accounting?

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: What need has the changing definition of accounting fulfilled?

A: Accounting is described as process in which the transactions or events pertaining to the firm are…

Q: History of accounting?

A: What's the essence of the Accounting Profession ? :- it hasn't changed much over the time.…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: ation differ

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: how will a change from cash basis accounting to accural basis accounting positively and negatively…

A: Books of accounts can be maintained either using the cash basis accounting or using the accrual…

Q: In what way may the use of percentage depletion violatesound accounting theory?

A: Depletion: Depletion is defined as the reduction in the value of natural resources due to its…

Q: How the system of cost accounting has overcome the limitations of financial accounting. Explain it…

A: Cost Accounting -: Cost accounting is a procedure of administrative accounting that aims to…

Q: What are the golden rules of accounting?

A: Accounting is the process of recording, classifying and summarising financial transactions in order…

Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: How would you define the fundamental accounting equation

A: Fundamental Accounting Equation: The "basic accounting equation' refers to the mathematical equation…

Q: Why is it important to know the background in accounting research?

A: Accounting is the procedure followed by businesses to record their financial information…

Q: How do accounting and business administration differ?

A: The term Business Administration has a wider scope than Accounting. A few of them are outlined…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: what is the function of accounting cycle?

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: Is there a type of accounting that is not financial accounting?

A: Yes, there are two type of accounting which is not a financial accounting.

Q: In accounting terms, what is the difference between profit and loss

A: Accounting is based on the principle of double-entry. It may be described as how a company records…

Q: Why might a company choose not to use revaluation accounting?

A: Revaluation accounting is a method to revalue non current assets of the companies as per fair value…

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: What is meant by “economic Consequences” in accounting standard-setting

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: What are the common errors in accounting?

A:

Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen

A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…

Q: how do i understand in accounting whats to be decreased and whats to be increased?

A: Account: Account is the basic record that reports all changes in the value of particular assets,…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: What are opportunity costs? Explain why opportunity costs are not recorded in financial accounting…

A: Opportunity cost is the value or benefit of the next best alternative given up when making a choice.…

Q: What is meant by Not-for-profit accounting?

A: Accounting represents the system of maintaining records of day-to-day business operations of an…

Q: How does the accrual basis of accounting provide different results when compared with the cash…

A: Cash Basis of accounting- Under cash basis, accounting entries are recorded as and when there are…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: Why Are Financial Accounting and Bookkeeping So Different?

A: The bookkeeping is recording the transactions and accounting is process to classify, record the…

Q: Why do people care about accounting?

A: This question discusses accounting.

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: What is the meaning of accounting?

A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…

Q: fer from o

A: Revenue should be recognised when it is generated, not when it is received, according to the revenue…

Q: Exactly what does it mean when people talk about "double accounting systems"?

A: This question explains about "double accounting systems"

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: why do you think accounting is important especially on businesses?

A: Accounting is defined as the systematic and detailed recording of the financial transactions of a…

Q: What do accountants mean by the term revenue?

A: Revenue is the sum that a corporation earns from selling products and/or supplying its clients and…

Q: what is the importance of accounting?

A: Accounting principles are a set of general rules and recommendations that businesses must follow…

Q: What is the difference of basic accounting equation from the expanded accounting equation?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: n conceptual framework resolve accounting problems? How?

A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is