In this article we will discuss about Assets:- 1. Definition of Assets 2. Characteristics of Assets 3. Objectives of Valuation 4. Types. Definition of Assets: Financial accounting has basic elements like assets, liabilities, owners' equity, revenue, expenses and net income (or net loss) which are related to the economic resources, economic obligations, residual interest and changes in them. Similarly, balance [...]
In this article we will discuss about Liabilities:- 1. Meaning and Nature of Liabilities 2. Characteristics of Liabilities 3. Measurement 4. Classification 5. Equity and Liabilities. Meaning and Nature of Liabilities: Liabilities may he defined as currently existing obligations which a business enterprise intends to meet at some time in future. Such obligations arise from legal or managerial considerations and [...]
In this article we will discuss about Inventory:- 1. Meaning of Inventory 2. Need for Inventories 3. Objectives for Measurement 4. Methods of Costing 5. Consistency in the Valuation 6. Accounting 7. Consequences of the Choice of Inventory Methods. Contents: Meaning of Inventory Need for Inventories Objectives for Measurement of Inventories Methods of Inventory Costing Consistency in the Valuation of [...]