There are always two aspects of a Business Transaction. Examples: Purchase of Machinery for Rs 50,000. The two aspects in this transaction are: Incoming of Machinery Outflow of...
According to the Cost Concept, an asset is recorded in the books of account at the price paid to acquire it and the cost is the basis for all subsequent accounting of the asset. Since the acquisition...
Just like we have Grammar in English Language, which is basically the rules of English, we have some rules for Accounting as well, known as Accounting Principles. Accounting Principles, Concepts and Conventions...