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Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: Describe the differences between a formula and a function?

A: A formula is an equation or expression that, when entered into a spreadsheet or other application,…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: What do you mean by Count Data? When it arises?

A: Count data:  Count data is a kind of statistical data, in which the observations might only consider…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Briefly explain on Salam and Parallel Salam.

A: Salam and Parallel Salam are modes of Islamic financing which are useful for traders and small…

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

Q: What is represented by the labeled lines connecting entities in an REA diagram?

A: REA Diagram: REA diagram is a technique used to establish the relationship between resource, events…

Q: Parallel

A: ISTISNA AND PARALLEL ISTINA :

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Explain an example of faithful representation.

A:

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Define the term Net method.

A: As per the net method, the company records the amount of purchase by deducting any potential…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: Describe about the concept of COGS.

A: Cost of goods sold (COGS): Cost of goods sold is the accumulate amount of all direct cost incurred…