Explanation

The account format that displays debits credits balances and headings is called T-account.

A T-account is a way to format accounting transactions that displays debits on the left and credits on the right.

Explanation

The accrual basis of accounting records revenues when they are earned.

 In other words, under the accrual basis of accounting, the receipt of cash and the payment of cash are not the focus of reporting revenues and expenses.

Explanation

Statement of financial position or balance sheet is the expanded accounting equation

Explanation

Financial accounting is the process by which an organization's revenue, receivables and expenses are collected, measured, recorded and finally reported into a financial statement.

Explanation

The International Federation of Accountants (IFAC)

The International Federation of Accountants is the global organization for the accountancy profession

IFAC Founded: October 7, 1977

IFAC Membership: 180

IFAC Headquarters: New York City, United States

ND5-07-2023

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

Salvage value is sometimes referred to as disposal value, residual value, terminal value, or scrap value.

Explanation

Deflation is the general decline of the price level of goods and services.

Deflation means افراط زّر کی کمی

Explanation

Per capita income is obtained by dividing national income by the total population of the country.

Explanation

• Modaraba company is a unique and prime mode of non-interest Islamic financial system.
• It is a form of financial contract in which one party, the investor (Rab-ul-mal) entrusts money to another party, the financial manager (Mudarib) for the purpose of carrying out a business (Modaraba).