Author name: s4salman

Accounting transactions are recorded on the date when they incur.  So, they remain reflected on the value at which we […]

Full disclosure principle requires that financial statement must disclose all the material information whether on the face or in notes

Revenue Recognition Principle states that revenue should only be recognized when the risk and rewards associated with the goods and

Companies are setup to run for the long term business operations. But as far as the reporting of financial transactions

Monetary unit assumption is a concept which requires that accounting transactions and relationships can be measured and recorded in monetary

Going Concern Concept is the basic concept behind the preparation of financial statements. Every year, when financial statements are prepared, they

In accounting, we treat business and the owners two different person. This is we called as Business Entity Concept. All

Accrual accounting is one of the basic accounting principle and is followed all over the world. According to this principle, revenues

Reversing entries are the important journal entries in the accounting. It actually helps a lot in implementation of the accrual basis of accounting which

Trial balance is a simple list of all the balance of the ledger accounts. Usually trial balance is prepared at