Success Roar Classes

Qualitative Characteristics of Accounting Information

Accounting Terminologies – IV

Accounting Terminologies - Success Roar Classes

What is a Receipt and what are the types of receipt? As per dictionary meaning, receipt means receiving or getting something. The same meaning is used herein accounts i.e., receiving or getting money in business. For example, goods sold for 1,00,000. This is the receipt in the business A receipt can be of two types- …

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Accounting Principles and Assumptions

Accounting Principles and Assumptions - Success Roar Classes

What is Accounting Principles? Accounting principles refer to those set of rules which provide the basic idea, parameters, limitations for implementing the accounting process in a well-defined manner. These rules are also called Generally Accepted Accounting Principles or GAAPs. (Accounting Principles and Assumptions) Principles of Accounting are the general law or rule adopted or proposed …

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Qualitative characteristics and Role of Accounting Information

Qualitative characteristics and Role of Accounting Information - Success Roar Classes

What are the qualitative characteristics of Accounting? Qualitative characteristics = attributes of accounting information (enhance its understandability and usefulness) Reliability Reliability means that the users can rely on the authenticity of the financial information. The information can be said reliable when- It is based on facts or supporting documents and free from material errors. Where …

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