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What are the three main elements of Financial Accounts?

Income Statement (Profit or Loss Account)2) Balance Sheet (Statement of Financial Position3) Statement of Cash flows
AP
Answered by Anish P. • Accounting tutor
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What is an IAS?

An IAS is an international accounting standard and is set up by the Accounting Association, which provides a set of standards that every business should comply with. This allows consistency, easy comparison ...
RC
Answered by Rose C. • Accounting tutor
2407 Views

What is Accounting Based on?

Accounting is based on the double entry principle. This principle states that for every credit entry there must be a corresponding debit entry. This means that everything must balance out.Think of an account...
BK
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Raya has decided to depreciate her fixed assets. She has a printing press which was worth £500 at cost and is estimated to depreciate in value at 15% a year, Reducing balance method. Calculate the NBV at the end of year 3. Showing your working out.

Cost Price = 500 Year 1 = 500-75 = 425 Year 2 = 425 - 63.75 = 361.25 Year 3 = 361.25 - 54.1875 = 307.0625 Therefore the Net Book Value at the end of year 3 will be £307.06
RR
Answered by Raya R. • Accounting tutor
2891 Views

How to tell if the transaction accounts are debit or credit

A common way to answer this question is to think about where the money comes from and where does it go. For example, if the company buys equipment by cheque, then it shows the money comes out from the bank a...
LZ
Answered by Lance Z. • Accounting tutor
3091 Views