Accounting period concept implies that the total life of the business is divided into different imaginary time interval and such time interval contain 12 months for the purpose of recording and reporting the financial performance to the concerned .....

Money measurement concept states that only those transaction which can be measured and expressed in term of money are recorded in the books of accounts. This concept assume that only those transaction which can be measured and expressed in term of .....

An accounting is the process related with the recording, classifying and summarizing the financial transactions to know the profitability and financial positions of a .....

Accounting is concerned with the act of recording, classifying and summarizing the financial transactions of a business to know the operating results and financial position and communicating such operating results and financial position to all .....

The joint stock company has come into existence over the limitations of sole trading and partnership firms. The major limitations of sole trading and partnership are limited capital and unlimited liability. Such limitations are the main obstacles .....

Management accounting is that branch of accounting which is concerned with presenting the accounting information to the management for the daily activities of a .....

Cost accounting is that branch of accounting which is concerned with collecting and recording the information relating to the costs. Such costs are incurred in producing products or reading services during a given period of .....

Financial accounting is that branch of accounting which is concerned with recording financial transaction in a systematic .....

The following are the main objectives of accounting: To maintain permanent records of the financial transactions. To ascertain the amount of profit or loss of the business during a period. To provide information to the tax authorities for .....

The following are the objectives of book-keeping: To keep permanent records of all the financial transaction of a business. To help to assess the correct amount of tax. To supply information to the concerned parties whenever required. To help .....

Book-keeping is the act of keeping permanent records of day to day financial transactions in a set of books in a chronological .....

The following are the main characteristics of a joint stock company Separate legal existence: A company is an artificial person created by law. Like a real person, it can buy or sell the property in its own name and enter into business contracts. It .....

The following are the main characteristics of a joint stock company Separate legal existence: A company is an artificial person created by law. Like a real person, it can buy or sell the property in its own name and enter into business contracts. It .....

The joint stock company has come into existence over the limitations of sole trading and partnership firms. The major limitations of sole trading and partnership are limited capital and unlimited liability. Such limitations are the main obstacles .....

Any two importances of seminar are: Minute helps the management for preparing the plans and policies and implementing them into practice. It makes the decisions of the meeting authentic and valid. .....

The following are the main importances of seminar: Minute helps the management for preparing the plans and policies and implementing them into practice. It makes the decisions of the meeting authentic and valid. It acts an aid to memory of the .....

The act of confirming the decisions made in the meeting by obtaining the signatures of all the members in the minute book is called endorsement of the .....

The act of writing the decisions in a minute book drawn from the meeting is known as drafting a .....

A seminar refers to the gathering of the experts, specialist, academicians and professional on a particular subject or are to share opinions and make .....

Sole trading is the oldest and simplest form of business organization. It is a business organization, in which an individual contributes the whole amount of capital, manages the business himself or herself, bears all the risks alone, enjoys all the .....

Any two importances of co-operatives in Nepal are as follows: They provide financial assistance to the farmers for buying improved seeds, chemical fertilizers and agricultural tools and equipment at a low-interest rate in order to increase .....

A co- operative organization is the form of organization which is established by the people of weaker of the society to uplift their social and economic .....

A committee is a body of a small number of concerned people in private offices. Evaluation committee, examination committee, inspection committee, account committee and loan committee, etc. are the examples of the committee formed by different .....

The meeting which is held between two organizations or countries is called bi- lateral .....

A multi- lateral meeting is one in which the members of more than two organizations get together to discuss on the matters of common issues and take .....

Bases of difference Public company Private company The number of shareholders It required at least 7 members for its incorporation, but its maximum number is unlimited. It can be established by a single member and its maximum number is limited to .....

The following are the main disadvantages of a sole trading concern: Limited capital: The capital of a sole trading concern is limited due to the investment of savings and borrowings of the owner. Such limited capital is insufficient for large-scale .....

The following are the main advantages of a sole trading concern: Easy to start and dissolve: A sole trading concern can be established and dissolved easily. There are limited and simple legal formalities to start and close the business. The owner .....

A uni- lateral meeting is the one in which only the members of a particular organization get together to discuss on the specific issues and take .....

A committee is a body of a small number of concerned people in private offices. It is formed for performing a given job or investing and reporting a certain event or happening. Evaluation committee, examination committee, inspection committee, .....

Secret meeting is by nature secret. Only a few concerned would know about this type of meeting. In such meeting, concerned executives discuss about very important matter. Such meeting is always meaningful. In the governmental sector, such meetings .....

A meeting is a gathering or assembly of related members of an organization with specific objectives. It is the act of getting together in response to a pre- notice on a certain date, place and time to discuss and decide on specified matters or .....

Conference is a type of assembly which is commonly organized by political parties. It is assembly; only selected members of the political party take active .....

The following are the main characteristics of a sole trading concern: Sole investment: The owner contributes the whole amount of capital in his business. He invests the entire capital either from his private property or by borrowing from the .....

Sole trading is the oldest and simplest form of business organization. It is a business organization, in which an individual contributes the whole amount of capital, manages the business himself or herself, bears all the risks alone, enjoys all the .....

The following are the disadvantages of a partnership organization: Chances of conflict: Ina partnership organization, there is always a chance of misunderstanding among the partners. Such misunderstanding arises in matters relating to decisions, .....

The assembly which is held once a year is called an annual general assembly. It is the assembly of .....

A mass assembly is one in which participation is open to all. It is a very large size organization in which interested person can take participation. It is organized to make people aware of present political, social, economical and religious .....

Sometimes, due to some pressing need of the time, the shareholders have to meet urgently for making urgent decisions. An assembly which is held to meet urgently and without any pre- a plan is called an extra- ordinary assembly. It is organized under .....

The following are the advantages of a partnership organization: Easy to start and dissolve: A partnership organization is easy to dissolve and established like a sole trading concern. Only a written agreement is necessary for getting the partnership .....

The following are the types of partnership: Unlimited Partnership: An unlimited partnership is also known as a general partnership. It is that type of partnership in which the liability of all the partners is unlimited. If the firm's properties are .....

Conference is a type of assembly which is commonly organized by political parties. It is assembly; only selected members of the political party take active participation. It is organized to elect the leaders of the party, and constitution of the .....

A mass assembly is one in which participation is open to all. It is a very large size organization in which interested person can take participation. It is organized to make people aware of present political, social, economical and religious issues. .....

An assembly is the gathering of large number of individuals which is organized to express the views, opinions and provide information on specific issues which affect the interest of large number of .....

The following are the need and importance of public enterprises: It increases the rate of economic growth. It develops the infrastructure like electricity, communication, banking, transportation etc. It provides qualitative goods and services of .....

The following are the main characteristics of a partnership organization: Agreement: An agreement is a basis for forming a partnership. An agreement is made in a written form signed by all the partners to carry on a business for earning and sharing .....

The partnership is an agreement between two or more than two persons for carrying on a lawful business for earning profit. It is a form of business in which two or more than two persons make an agreement to contribute capital, manage the business .....

Business organization refers to the act of bringing resources and utilizing them in the best possible manner for the production and distribution of goods and services in order to earn profit through the service and satisfaction of the customers. It .....

The following are the main objectives of public enterprises: To help the economic development of the country in planned manner by establishing different industrial and commercial enterprises. To provide the qualitative goods and services of daily .....

Public enterprise is a form of business organization established by the government holding at least 51% of the total shares with the aim of producing and distributing goods and services at fair price to the .....