Accounting Principles and Practices

Interim financial statements refer to profit and loss account and balance sheet,  which are made and presented  for an accounting period of less than one year, such as quarterly or monthly. Interim financial statements are normally  prepared after every three months. For accurate interim financial statements, accountant should evaluate inventory correctly and also reconcile the bank balance with company's record.

In economics, the current account is one of the three primary components of the balance of payments, the other two being - capital account and financial account. In the current account, goods, services, income and current transfers are recorded. A current account surplus increases a country's net foreign assets by the corresponding amount, and a current account deficit does the reverse. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.

Yes it is correct choice.

Yes EBITDA stands forEarning before Interest , Tax and Depreciation and amortization . 

CRJ means cash receipt journal. In CRJ, we record only cash receipts. There are lots of sources of receiving cash, so we can make different columns in this journal. CPJ means cash payment journal. In CPJ, we record only cash payments. These payments are done for creditors, repayment of loans and other expenses. For knowing how much payment has been done, we show the different columns.

Interim financial statements refer to profit and loss account and balance sheet, which are made and presented for an accounting period of less than one year, such as quarterly or monthly. Interim financial statements are normally prepared after every three months. For accurate interim financial statements, accountant should evaluate inventory correctly and also reconcile the bank balance with company's record.

It is  a General ledger account whose balance reflects the total of balances of related subsidiary ledger accounts. Accounts receivable and accounts payable are the most commonly used control accounts, and their balances serve as a crosscheck (control) of the accuracy of the associated subsidiary records.

Surplus is for income and expenditure account.

AGING OF ACCOUNTS is the classification of accounts by the time elapsed after the date of billing or the due date. The longer a customers account remains uncollected or the longer inventory is held, the greater is its realization risk. Aging of accounts is the technique to classify accounts according to billing or due date. In this classification, we get the idea to whom, we have to get first and to whom, we have to pay first.

All the above entries are entered in journal proper.

Cash flow statements aim to present the cash flow effects of transactions that occur during an accounting period and are therefore not based on the accruals principle.

Petty cash is recorded in a separate account within the general ledger. This account is classified as a current asset

It is a part of reserve & surplus.

Current Ratio is calculated by dividing currentLiabilities by Current Assets on the Balance Sheet

 A set of rules for recording financial information of a Business. The balance sheet is prepared in it.

Accounting information directly supports economic decision-making by providing financial data for analysis. The accounting profession serves a crucial social function by ensuring transparent financial reporting. Studying accounting opens pathways to diverse challenging careers in auditing, taxation, financial analysis, and management. All three statements represent valid, significant reasons for studying accounting.