Accounting of the facts of the occurrence of obligations and its reflection in the company's balance sheet

UDC 657

Authors

Turgunbaeva A. K.,
applicant, Kyzylkiy branch, Kyrgyz State Technical University named after I. Razzakov, Batken, Kyrgyz Republic
Ashymova A. S.,
Applicant, K. Sh. Toktomamatov International University, Jalal-Abad, Kyrgyz Republic

Abstract

The article is devoted to the practice of accounting for the facts of the occurrence of obligations and its reflection in the balance sheet of the enterprise in accordance with international standards. The income and expenses reflected in the accounting accounts are the result of the accounting reconstruction of liabilities that change the financial result of the organization's economic activity. It is possible to consider the content of the categories of income and expenses that are the result of obligations in the organization under study from an economic and accounting point of view. From an economic point of view, income is the receipt of funds at the disposal (economic turnover) of an organization as a result of a loan granted to it. In this interpretation, income is recognized as any increase in an asset (funds) associated with an increase in accounts payable.

Keywords

accounting, control, audit, obligations, international standards, double entry, reporting, income, expenses, profit, loss.