Financial Accounting, SS 2, Week 5 Topic: Depletion and Amortization Content Meaning of depletion Meaning of Amortization Meaning of depletion In business there are tangible asset as well as intangible asset i.e asset that cannot be seen with physical eyes are referred to as intangible asset while tangible asset are asset that can be seen [...]
Financial Accounting, SS2, Week 1 Topic: Income and Expenditure Contents Preparation of income and expenditure account Format for income and expenditure account Similarities between receipt and payment account and income and expenditure account Difference between receipt and payment and income and expenditure Preparation of income and expenditure account In order to prepare income and expenditure [...]
Financial Accounting, SS 2, Week 7 Topic: Types of partnership Contents Types of partnership Features of limited partnership Features of ordinary partnership Types of partners Types of Partnership Limited partnership: This is registered and formed under the limited partnership act, it is a form of partnership which there should be at least one ordinary partner [...]
Financial Accounting, SS 1, Week 4 Topic: Consignment Account Contents Meaning of Consignment Account Pro forma invoice Agent's commission Entries in the book of the consignor Meaning of Consignment Accounts Consignment accounts are concerned with goods sent to an agent who will sell the goods on behalf of his principal. In many cases the goods [...]
Financial Accounting, SS 1, Week 2 Topic: Preparation of final account from a set of incomplete records: Conversion of single entry to double entry Business organization whose books are being kept under the single entry system may decide to improve the system of accounting by introducing a complete double entry system.it is possible for complete [...]
Financial Accounting, SS 1, Week 5 Topic: Company's Account Contents Meaning of company's Account Kinds of companies Characteristics of limited companies Company A company can be defined as a business owned by an association of people and operated as a legal person on behalf of its owners with the usual motive of profit maximization.e.g nestle [...]
Financial Accounting, SS 2, Second Term Week 1 Topic: Realization Account Contents Concept of realization Account Realization Account Format Concept of Realization Account Realization account is the conversion of assets, goods, or services into cash or receivables through sale. Also called actualization. Realization account has two features DR and CR side,on the debit side the [...]