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Essay text:
If there is any change, its effect should be clearly stated in the financial statements.
3. What is revenue expenditure?
Revenue expenditure are Recurring in nature. The amount of expenditure is small.
4. What do you mean by Accounting cycle?
Ans:- The accounting cycle is a periodic process by which a firm's financial position - as expressed in the accounting records - is formally updated to summarize transactions that have been recorded during the accounting period. Much of the fundamental terminology of accounting is related to the accounting cycle. Basic accounting terms related to the accounting cycle include:
Journal, Ledger, Debit, Credit, Normal Balance, Posting, Temporary account, permanent account, Contra account, Adjusting entry, Book value, Trial balance, Pre-closing trial balance, Closing entry, Post- closing trial balance, Reversing entry...
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Common topics in this essay:
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