Question

modern commerce is based on the concept of the of assets which have a certain

Answer 1

Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods, services, or something of value, between businesses or entities. From a broad perspective, nations are concerned with managing commerce in a way that enhances the well-being of citizens, by providing jobs and producing beneficial goods and services.

Answer 2

Assets are reported on a company's balance sheet. They're classified as current, fixed, financial, and intangible.

Explanation:

An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet. They're classified as current, fixed, financial, and intangible.

Assets are generally classified in three ways:

1. Convertibility: Classifying assets based on how easy it is to convert them into cash.
2. Physical Existence: Classifying assets based on their physical existence (in other words, tangible vs. ...
3. Usage: Classifying assets based on their business operation usage/purpose.

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent the value of ownership that can be converted into cash (although cash itself is also considered an asset).

Accounting principles are the rules that have emerged from the use of basic accounting concepts. These rules have evolved over a long period of time; they represent the collective wisdom of accounting history.

Adherence to these rules ensures that accounting records are maintained on more or less the same basis by all business units and can, therefore, be relied upon and used for comparison.

Accounting concepts are basic assumptions on which we base our accounting records. They are the things that we assume but, in certain cases, that may not be correct.

For example, one of the most common assumptions is that money has a stable value. We all know that this is not really correct because inflation continuously erodes the value of monetary units.

However, it would be tedious and of no great value to keep amending every company’s accounting records on the basis of an ever-changing value of the monetary unit. For this reason, we assume that money has a stable value.

Everyone accepts this assumption and all accounting records and statements prepared on the basis of this assumption are generally accepted by all concerned.

Valuation of fixed asset based:-

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Income measurement & recognization of assets & liabilities :-

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