Equipment inventory liquidating capital asset

Accounting Concepts There are certain assumptions that are taken for granted while recording the accounts. The 4 accounting concepts are Going Concern Concept, Accrual Basis Concept, Consistency Concept, and Prudence Concept.

Read on for more about Basic Accounting Concepts and Principles.

Accounts Analysis Accounts analysis can be looked as a method of cost behavior analysis by classifying records under two heads: fixed or variable.

Account An account is the physical record of the transactions incurred related to an asset, liability, revenue, expense, etc.

Absorption Pricing Absorption pricing is setting a price, which is the sum of the absorbed cost plus a marked-up percentage of profit.

Absorption Variance Absorption variance is the difference between the predicted and actual absorption costs.

Absorb/Absorption Absorb indicates that one account or group of accounts combines the amounts from similar or related accounts or groups of accounts.

Thus, the combined account is a new entity, while the old ones are removed.

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Bookkeeping and accountancy deal with maintaining record of all the transactions that a business/individual makes.

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