We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>
+ Link For Assignments, GDBs & Online Quizzes Solution
+ Link For Past Papers, Solved MCQs, Short Notes & More
Dear Students! Share your Assignments / GDBs / Quizzes files as you receive in your LMS, So it can be discussed/solved timely. Add Discussion
How to Add New Discussion in Study Group ? Step By Step Guide Click Here.
Generally Accepted Accounting Principles
Learning outcome: After attempting this activity, students will be able to understand the concept of “Generally Accepted Accounting Principles”.
Background: Generally Accepted Accounting Principles are assumed to be ‘Ground Rules,’ i.e. Principles for preparing financial statements. These principles embody accounting concepts, measurement techniques and standards of presentation of financial statements.
Suppose, you are working as an Account Manager in a company, which is dealing in textile business. The President of the company is a textile engineer and he has a very little knowledge about accounting. Today, he walks into your office along with the quarterly financial statement you prepared and presented to him last week with an argument that the Balance Sheet (BS) and Profit & Loss Statement (P&LS) are incorrect. He points out that the value of the land (purchased last year) has been mentioned as Rs. 100 million (actual cost) in BS while its current market worth is Rs. 120 million and the inflation rate for the year is 8%. He argues that the value of the land mentioned in the balance sheet should either be Rs. 120 million or at least Rs. 108 million.
Further, he highlights that the advance cash received from a customer in the previous month (for which the delivery of the goods is due in next month) has not been recorded as revenue in P&LS. Instead it has been mentioned as a liability (un-earned revenue) in BS.
.+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)
+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)+ Click Here to Search (Looking For something at vustudents.ning.com?) + Click Here To Join (Our facebook study Group)
1. cost principle ,, according to this principle an asset on the balance sheet is recorded based on its nominal or original cost when acquired by the company.
2. Dosre ka abi baki hai unearned revenue
Please Discuss here about this GDB.Thanks
Our main purpose here discussion not just Solution
We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions. Read More>>
Discussed & be touched with this discussion. After discussion a perfect solution will come in a result at the end.
For Important Helping Material related to this subject (Solved MCQs, Short Notes, Solved past Papers, E-Books, FAQ,Short Questions Answers & more). You must view all the featured Discussion in this subject group.
For how you can view all the Featured discussions click on the Back to Subject Name Discussions link below the title of this Discussion & then under featured Discussion corner click on the view all link.
Or visit this link
Please Click on the below link to see…
P.S: Please always try to add the discussion in proper format title like “CS101 Assignment / GDB No 01 Solution & Discussion Due Date: ___________”