Explanation

Nominal accounts in accounting are the temporary accounts, Revenue or Expense are transferred to profit and loss account and closed at the end of each accounting year.

Explanation

Floating assets are valued at Cost or market price whichever is lower

Explanation

In accounting, the controlling account  is an account in the general ledger for which a corresponding subsidiary ledger has been created.

Explanation

Debtors have least profit share due to Not participating in operational risk 

Explanation

 If the cost can never be zero, it has a fixed component. However, since it changes with the number of units produced, it also has a variable component. This is a mixed cost.

Explanation

A bank reconciliation statement ensures that all payments made by the company are processed and all deposits are correctly made on time

Explanation

Explanation

International Financial Reporting Standards are a set of accounting rules for public companies with the goal of making company financial statements around the world.

Explanation

Benefits of preparing Bank Reconciliation Statement includes bringing out any errors committed in preparation of Cash book/Bank Pass Book, Highlighting under delay in clearance of cheques deposited but not credited and helps knowing actual bank balance.

Explanation

Ledger is called book of final entry.

After which trail balance is made then final accounts and eventually balance sheet.