Thursday, 5 October 2017
Wednesday, 4 October 2017
Sunday, 1 October 2017
WHAT IS 'DEFERRED REVENUE'
Deferred revenue, or unearned revenue, refers to advance payments for products or services that are to be delivered in the future. The recipient of such prepayment records unearned revenue as a liability on a balance sheet, because it refers to revenue that has not yet been earned, but represents products or services that are owed to a customer. As the product or service is delivered over time, it is recognized as revenue on the income statement.
Friday, 29 September 2017
Thursday, 28 September 2017
Scopes of accounting
Scopes of accounting
1. Business
Accounting is widely applicable in the business sector. Today, in the
modern world, most of the people are engaged in business sector and all
businessmen follow Generally Accepted Accounting Principle (GAAP) to find out
profit, loss and financial position of business firm.
2. Government organizations
Though, Government organizations do not follow Generally Accepted
Accounting Principle (GAAP), its keep systematic records of all transactions in
order to find the position of public fund.
3. Non-Government organizations
Non-government and service organizations such as NGOS, INGOs, Red Cross
Society, SOS etc which plays a vital role in the development of nation also
uses accounting. The accounting system used in these organizations are called
fund accounting.
4. Individuals
Individuals also perform economic activities to earn their livelihood.
They also perform some form of accounting tos draw financial information for
making personal economic decision
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Scopes of accounting 1. Business Accounting is widely applicable in the business sector. Today, in the modern worl...