2007-06-16 01:26:41 · 3 answers · asked by Cassidy S 1 in Business & Finance ➔ Other - Business & Finance
Essential characteristics of Accounting
1-) Identification, measurement and communication of financial information
2) Economic entities
3) Interested parties
The whole lecture is in the attached link.
2007-06-17 00:46:01 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
Watching whole day of the month, how the business performance & preparing at the end the month the incentives & commission for the sales staff, transfer the remuneration to the employees.
Comparing the investment & expenditure against the budgeted amount.
At the end of the year preparing the balance sheet & trial balance to show profit & loss of the company.
2007-06-16 10:29:18 · answer #2 · answered by SmartPlayer 2 · 0⤊ 0⤋
The basic principle of accounting is the formula: Assets = Capital + Liabilities. Simple put, for everything that is worth something, somebody owns it. So if I start a business by taking out a loan of $5,000 and my own cash of $5,000, my formula would be Cash $10,000 = Investment $5,000 + Loan $5,000.
I hope this helps.
2007-06-16 08:41:04 · answer #3 · answered by Tony Lj 2 · 0⤊ 0⤋