Guardiangalaxy
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Financial accounting depreciation
Depreciation in financial accounting refers to the systematic allocation of the cost of a tangible asset over its useful life. It is an accounting method used to spread the cost of an asset over several accounting periods, reflecting the wear and tear, obsolescence, or loss of value that occurs over time. Here are some key points to understand about depreciation in financial accounting: Purpose of Depreciation: Matching Principle: Depreciation helps in aligning the cost of an asset with...
- Summary
- • 9 pages •
Depreciation in financial accounting refers to the systematic allocation of the cost of a tangible asset over its useful life. It is an accounting method used to spread the cost of an asset over several accounting periods, reflecting the wear and tear, obsolescence, or loss of value that occurs over time. Here are some key points to understand about depreciation in financial accounting: Purpose of Depreciation: Matching Principle: Depreciation helps in aligning the cost of an asset with...
Profit and Loss statement #P/L statement #Profit and Loss appropriation account
A Profit and Loss Appropriation Account is a financial statement that outlines the distribution of profits among business partners or shareholders. It details how the net profit or loss of a company is allocated after considering various appropriations like dividends, reserves, bonuses, and taxes. This account helps stakeholders understand how the company's earnings are utilized and distributed among different purposes, providing transparency in financial reporting.
- Summary
- • 4 pages •
A Profit and Loss Appropriation Account is a financial statement that outlines the distribution of profits among business partners or shareholders. It details how the net profit or loss of a company is allocated after considering various appropriations like dividends, reserves, bonuses, and taxes. This account helps stakeholders understand how the company's earnings are utilized and distributed among different purposes, providing transparency in financial reporting.