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On 16 February 1960, Adamjee Cantonment College started its journey as an English-medium school founded by Gul Muhammad Adamjee (son of Sir Adamjee Haji Dawood, founder of Adamjee Group), The institution was later renamed Adamjee Cantonment College. A public school attached to the college served students through the first to tenth grade.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The fundamental components of the accounting equation include the calculation of both company holdings and company debts; thus, it allows owners to gauge the total value of a firm's assets. However, due to the fact that accounting is kept on a historical basis, the equity is typically not the net worth of the organization.
[10] Historical Cost Accounting, i.e., financial capital maintenance in nominal monetary units, is based on the stable measuring unit assumption under which accountants simply assume that money, the monetary unit of measure, is perfectly stable in real value for the purpose of measuring (1) monetary items not inflation-indexed daily in terms of ...
The college commenced with 100 students in class XI and every year a new class was added and up to 1965, it became a full-fledged degree science college, with more than two hundred students at Intermediate level and forty five students at degree level. The college was nationalized on 1 September 1972.
Adamjee joined the Adamjee Group in 1925, he worked in the match factory and rice mill of the group in Burma. From 1938 to 1948, he expanded the group in British India. [ 1 ] He succeeded his father as the head of the Adamjee Group and Adamjee family, after his death on 27 January 1948.
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.