Accountancy involves the preparation of the final accounts to show the result of the business at the end of the financial period. The man who is entrusted with this work is called an accountant. His work is not only to supervise the work of the book-keepers but also to analyses, review and draw conclusions from the final accounts. His work is of a specialized nature and he must be well versed with the principles of accountancy.
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- Customer perspective
Customer perspective is a viewpoint employed in the balanced scorecard to evaluate the company form the perspective of those people who buy and use its products or services.
Amortization means the allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational manner.
- Cash budget
The cash budget is a projection of anticipated cash flows. Because cash is so vital, this budget is often considered to be most important financial budget.
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The statement of cash flows classifies cash receipts and cash payments as operating, investing, and financing activities. Transactions and other events characteristic...
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Partners’ capital statement is the owner’s equity statement for a partnership which shows the changes in each partner’s capital account and in total partnership capital during the year.
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A change in accounting principle occurs when the principle used in the current year is different form the one used in the preceding year.
- Research & development costs
Research and development costs are expenditures that may lead to patents, copyrights, new processes, and new products.