by Accountant Town | Aug 16, 2019 | Income Statement
Accounting Principles – Taxes A tax may be considered as a contribution imposed by the government upon its citizens for its support. In exchange the government extends its protections to the life and property of citizens through its various police organizations....
by Accountant Town | Aug 16, 2019 | Income Statement
Accounting Principles – Miscellaneous Profit and Loss In every business there are necessarily profits more or less uncommon which are not directly connected with the particular line of business in which the organization is engaged. For example: Sales of land or...
by Accountant Town | Aug 16, 2019 | Income Statement
Accounting Principles – Accruals and Closing Entries Accruals are necessary in accounting if true financial condition and correct operations are to be shown. Some concerns run their books and prepare their statements entirely in accordance with the cash...
by Accountant Town | Aug 16, 2019 | Balance Sheet
Accounting Principles – Consignment Inventory The whole subject of consignment must for the purpose of discussion be divided into two parts, namely, consignments received and consignments shipped. A consignment may be defined as goods delivered by the party of...
by Accountant Town | Aug 16, 2019 | Balance Sheet
Accounting Principles – Capital Liabilities This term is used to denote that class of liabilities incurred in connection with the acquisition of funds for capital purposes. Emphasis is to be placed upon the word liabilities. Capital invested by the proprietor as...
