Acceptance Contractual agreement instigated when the drawee of a time draft “accepts” the draft by writing the word “accepted” thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. An acceptance is a contractual agreement by an importer to pay the amount due for receiving goods …
Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and …
There are mainly five types of financial statements; statement of financial position, income statement, statement of changes in equity, statement of cash flows and disclosure notes. The former four mainly …
