Materiality concept in accounting guide the recognition of transactions. Materiality concept ignores the other concept if the effect is not considered material. What is materiality concept in accounting? Materiality concept in accounting is an accounting convention that guides the recognition…
Fundamental accounting assumptions is the basic assumption followed by every entity. If nothing has been written about the fundamental accounting assumption in the financial statements then it is assumed that they have been followed in their preparation of financial statements.…
What is bookkeeping and accounting? Bookkeeping: Bookkeeping is an activity which means recording of financial data relating to business operation in significant and orderly manner.It covers the procedural aspects of accounting work and embraces record keeping function. Further, bookkeeping procedures…