Depreciation
Depreciation- Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful life. Tangible assets can include things like buildings, machinery, vehicles, and equipment.…
UNIT‐IV
Outstanding expenses and income
Outstanding expenses and income- Outstanding expenses and outstanding income are financial concepts that relate to transactions that have occurred but have not yet been recorded in a company's financial statements.…
Prepaid expenses
Prepaid expenses- Prepaid expenses are a type of accounting asset that represents payments made for goods or services that a company will receive in the future. These expenses are initially…
Closing stock
Closing stock- Closing stock refers to the value of goods or inventory that a business has on hand at the end of a specific accounting period, such as a fiscal…
Final Accounts(Trading profit and loss A/C and balance sheet) with adjustments
Final Accounts(Trading profit and loss A/C and balance sheet) with adjustments- Creating final accounts, including the Trading Profit and Loss Account and Balance Sheet, involves summarizing a company's financial transactions…