Write a detailed note on accounting concepts

Some agreements require that money be set aside and invested in a fund that will be used to repay the loan at maturity, such as the sinking fund that was discussed in the section on long-term investments.

Name of the Organization 2. Diploma graduates would normally start in September and complete two co-op work terms. How does the PLA process work?

Does Intel have net deferred tax assets or liabilities? Debentures are a form of unsecured bonds no specific collateralwhile other types of bonds may pledge assets or specific revenue sources as collateral. Accounting Entity Concept — A specific business enterprise is treated as one accounting entity, separate and distinct from its owners.

What are some examples? Understand and apply the techniques of business mathematics to support the accounting function of an organization. Context not more than words 5.

If you are taking 1 - 2 courses at the same time, you may be considered for part-time student grants and loans. You are encouraged to participate in the training by completing the activities set at the conclusion of each part.

This is usually annually for income tax but laws in some countries require more frequent reporting due to value added taxes and employee withheld taxes.

Course load is used by OSAP to determine funding options for programs. Additional resources and a glossary are provided to add a greater depth to your learning experience. It is usually requested by the donor in situations where no proposals have been solicited from NGOs. Define the role, function and purpose of accounting.

Organizational Background, including the expertise and experience. It is essential then, that you fully understand this session that covers the nature, purpose and rationale of accounting.

There are many considerations involved in a lease versus buy decision, along with many complex financial reporting issues that are beyond the scope of this post, but we will discuss a couple of examples briefly below.

The capital lease obligation would represent the present value of the future lease payments using concepts similar to the discounted note payable discussed earlier and would be treated very much like a mortgage note pay able, with a portion of each lease payment applied to pay down the capital lease obligation much like principal payments on a loan and the remainder of each payment is much like the interest portion of a mortgage loan payment.

Requests for Transfer Credit must be for a specific course and must be accompanied by an official transcript and course outline. Recognize, within the context of the Canadian business environment, the impact of factors such as economic variables, legislation, and ethics on business operations.

accounting concepts

Many of the principles established hundreds of years ago are still used as the basis for all our accounting functions today. Understand the terminology of long-term debt including par value, stated versus effective interest rate, discounts, premiums, and mortgages.

Some bond agreements require the company to make periodic payments into a sinking fund which will be used to repay the bonds on the maturity date. Accounting for income tax liabilities is a very complex issue that is beyond the scope of this post, but a brief example may help explain the concept.In the previous lesson, you have studied the accounting concepts like business entity, money measurement, going concern, accounting period, detailed presentation of information.

Thus, the convention of full disclosure Accounting Conventions and Standards. ACCOUNTANCY. by Peter Baskerville. Plain English accounting targeting the basic accounting concepts that define accounting Accounting is an ancient art indeed, with archaeological evidence identifying an accounting system being widely used in the Near East from about 8, BC to 3, BC.

Write a short note on Generally Accepted Accounting Principles?

[1]. Filing Financial Statements Filing requirements, checklists, tools and other details on filing company financial statements in XBRL. The notes (or footnotes) to the balance sheet and to the other financial statements are considered to be part of the financial statements. The notes inform the readers about such things as significant accounting policies, commitments made by the company, and potential liabilities and potential losses.

Overview. Gain a strong knowledge of accounting, payroll and human resource practices, as well as related technology and payroll applications. You will complete the college diploma, professional certification (Payroll Compliance Practitioner Certification – PCP, Canadian Payroll Association), and three credits towards completion of a Certified Payroll Manager (CPM) designation.

Rules of accounting that should be followed in preparation of all accounts and financial statements. The four fundamental concepts are (1) Accruals concept: revenue and expenses are recorded when they occur and not when the cash is received or paid out; (2) Consistency concept: once an accounting method has been chosen, that method .

Write a detailed note on accounting concepts
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