Impairment expense is an accounting expense recognize on the basis of which a permanent reduction in assets value is justified in the books of account compare the recoverable amount of the assets at the end of the reporting date as per certain impairment conditions or factors. ... Current assets mean cash or those assets convertible or expected to be converted into cash within the accounting year, and current liabilities are those liabilities to be paid within the same time. Depreciation is a decrease in the value of assets due to normal wear and tear, the effect of time, obsolescence due to technological advancements, etc. Let us learn about it … Accounting of Amalgamation. Meaning. Pooling of Interests Method: Through this accounting method, the assets, liabilities and reserves of the transfer or company are recorded by the transferee company at their existing carrying amounts. The Central Supplier Database maintains a database of organisations, institutions and individuals who can provide goods and services to government. Reserve Accounting Meaning Reserve Accounting represents the accumulated profits of the company, which has been earned over the years, authorized by the board of directors. Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are of … Top management was very disappointed with the financial performance last year. Pro forma invoice is a document that provides information regarding the particulars of the goods and/or services yet to be delivered, to the buyer/customer. Revaluation of fixed assets is undertaken to determine the current value of the assets owned by the organization. Accounting; Accounting questions and answers; Question 3 Bell Company ("Bell”) manufactures laptops. Units of Production Method is a method of charging depreciation on assets. All products are sold via wholesalers, meaning that Bell does not have its own retail outlets. The organization carries out this activity in addition to the usual depreciation an asset goes through during its useful life. However, depreciation includes amortization. Meaning of Revaluation of Fixed Assets. Purchase Method: Meaning: Current Ratio may be defined as the ratio of current assets to current liabilities. Meaning Invoice refers to a commercial document issued by the supplier to the buyer containing the details of goods and/or services supplied to him & notify the buyer that payment is due.
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