by Accountant Town | Aug 16, 2019 | Fundamental
Principles of Accounting – Accounting’s Relationship to Economics We sometimes define Economics as the science of wealth, meaning thereby that body of classified knowledge relating to wealth in the aggregate. Under our present-day political and social systems,...
by Accountant Town | Aug 16, 2019 | Fundamental
Accounting Principles – Economics of Employment To revert to the shoemaker, it will be remembered that association with another individual was not so satisfactory. The founder of the business thought to be better satisfied if he might employ someone to whom he...
by Accountant Town | Aug 16, 2019 | Fundamental
Accounting Principles – Various Types of Capital Proprietorship implies ownership. When used in connection with business organization it signifies ownership of the assets. If there are liabilities the ownership is restricted to an equity in the assets. Few...
by Accountant Town | Aug 16, 2019 | Reporting
Accounting Principles – Preparing Financial Statements Financial statements may be generally classified as follows: Balance sheets;Statements of income and profit and loss;Statements of affairs;Deficiency accounts;Statements of realization and...
by Accountant Town | Aug 16, 2019 | Reporting
Accounting Principles – Preparing a Balance Sheet Preparation of the balance sheet — Having completed the profit and loss account, and having appropriated or allocated the profit, we must prepare a balance sheet or a financial statement. This statement not only...
