accounting is basic math so you kind of need it to do accounting
Accounting can be considered both an art and a science. This is because accounting is a very complex task for most people.
The scope of statistics in accounting is very broad and the two of them are correlated. Most of the accounting procedures will depend on statistics.
What is the Important of statistics to Accounting?
The importance of Mathematics in accounting is that different accounting activities require the use of Mathematical principles. Mathematics will therefore help accountants to effectively solve various accounting problems easily.
what is meaning of liability in accounting
Tax paid on purchases are considered a liability. Anything paid to another is considered a liability for businesses because they are spending money.
A liability in Accounting is basically a debt that a business owes.If a business purchases equipment, supplies, buildings, etc, on account that money owed by the company is a liability. There are usually two classes of liabilities in Accounting, Short-Term (Current) or Long-Term.ST (Current) Liabilities are debts that will be paid off by the company in one year or less.LT are debts that will take longer than one year to pay off. These can include mortgages on buildings the business uses or payments for equipment such as vehicles.
It is an asset.
non current liability
asset = liability + owner's equity
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
Liability
ARO in regards to accounting means "Asset Retirement Obligation" liability and is referenced in SFAS 143.
they are difficult to measure