Business transactions
are recorded when they occur and not when the related payments are
received or made. This concept is called accrual basis of accounting and
it is fundamental to the usefulness of financial accounting
information.
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This is the basic concept of accounting. According to this concept, every financial transaction involves a two-folded aspect, (a)yielding ... -
Illustration 1 Rectify the following error and find out the effect of the errors on Net Profit. a. Purchases of Rs.300 from Raman passe...
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Classify the following accounts into (a) personal accounts, (b) real accounts, and (c)nominal accounts: Furniture Account Salaries Acc...
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