FINAL ACCOUNTS (With Adjustments) Adjustment in final account means those account are not recorded or included in trial balance that can be taken into account i.e. called Adjustment. Some for example of adjustment are outstanding expenses, prepaid expenses, income received in advance, depreciation, interest on capital, interest on drawing etc. Adjustments are recorded through … Read more
Write a note on final accounts. The accounts prepared at the end of the year to know profitability of financial position of business is called final accounts. It consists of two statements. (a) Income Statement/ Profitability Statement trading and profit and loss a/c. (b) Position Statement / Balance Sheet/ Statement of assets and liabilities (a) … Read more
Capital and Revenue Expenditure Advance Learning The concepts of capital and revenue are of paramount importance in accounting. The true performance of a business enterprise can be measured by matching the business incomes with business expenses of the same period. The distinction between the capital and revenue items is necessary to determine accounting profit … Read more
What is Cost Accounting? Cost Accounting is that branch of accounting which is used for ascertainment of cost of products and servicers and its profitability. It is a set of procedures, used in refining raw data in to usable information for management decision making. In order to set competitive prices of the products of the … Read more