Accounting information System is a structure that a business uses to collect, store, manage, process, retrieve & report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers, auditors, regulators, and tax agencies in advance accounting.
Accounting Standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across firms and over time.
Advance Accounting Concept If the advance is made to a supplier, the payer records it as an asset, since no related receipt and consumption has occurred.
Advance Deprecation Change in Method At the end of each F.Y. management should review the method of depreciation. When there is a significant change in the pattern of the future economic benefits from the assets then the method of depreciation should also be changed.
AS-9 Revenue is the gross inflow of cash, receivables or other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, rendering of services & from various other sources like interest, royalties & dividends
AS-2 This accounting standard is applicable to all companies irrespective of their level (Level I, II and III). This standard prescribes the accounting treatment for inventories and sets the guidelines to determine the value at which the inventories are carried in the financial statements in advance accounting.
Branch accounting is a bookkeeping system in which separate accounts are kept for each branch or operating location of an organization
Dissolution of partnership means a process by which the relationship between the partners is terminated and comes to an end and all the assets, shares, accounts and liabilities are disposed of and settled
Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments
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