Money Measurement Assumption
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The document discusses the money measurement assumption in accounting, which requires that only transactions and events that can be measured in monetary terms are recognized in financial statements. It notes that the IASB and FASB recognition criteria require financial statement elements like assets, liabilities, income and expenses to only be recognized if their cost or value can be reliably measured. The document also lists some advantages and disadvantages of the money measurement concept.
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This document introduces a group of people working on transaction processing and enterprise resource planning. It defines transaction processing as information processing divided into individual transactions. It discusses types of transaction processing systems including real-time and batch processing. It also covers important features of transaction processing systems, common databases used, and defines enterprise resource planning as the integrated management of core business processes. The document lists modules and components of ERP systems and highlights benefits and potential problems of implementing ERP.
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Who need to file tax return in Bangladesh
There are four key factors that determine whether a person must file an income tax return: 1) whether they are claimed as a dependent, 2) their filing status, 3) their age, and 4) their gross income for the year. Certain types of individuals and entities must file a return, including companies, non-governmental organizations, firms, cooperative societies, associations of persons, shareholder directors/employees, partners of firms, government employees earning over a certain salary, individuals with income subject to tax exemption, and individuals meeting certain property or job criteria. Filing a return without taxable income can allow one to claim tax refunds, carry forward losses, and provide proof of income for loans or visas.
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- 2. Course Title: Seminar on Accounting Course Code: AIS:110
- 3. Money Measurement Assumption in accounting, also known as Measurability Concept, means that only transactions and events that are capable of being measured in monetary terms are recognized in the financial statements.
- 4. The recognition criteria defined by IASB and FASB require that the elements of financial statements (i.e. assets, liabilities, income and expense) must only be recognized in the financial statements if its cost or value can be measured with sufficient reliability. Therefore, an entity shall not recognize an element of financial statement unless a reliable value can be assigned to it.
- 5. The investors has known, because, it assures them that they will continue to get income on their investments in future. Why Money Measurement Is Important
- 6. TheAdvantages 1. It makes it easier to aggregate and summarize transactions, and compare financial statements. 2. The concept is appropriate as business is about money, and it is easily understood and convenient for internal and external users of the financial statements.
- 7. 1. It limits the usefulness of information in the financial statements because non-financial items are ignored (eg loyalty of workforce, management skills, size of customer base). 2. The value of money is not stable due to inflation/deflation and, if business has international transactions, the value of money fluctuates with exchange rates
- 8. 1.Opened a bank account by depositing 2,000 It can be measured in terms of money. It reduces the cash balance of the business. 2. Received pass book from bank It can not be measured in terms of money