The All-Inclusive Income Concept is a principle used in accounting to include all items of profit and loss in a statement to arrive at a figure of earnings. It is commonly used in the UK and the USA for a comprehensive view of an enterprise's financial performance.
Reserve accounting refers to the allocation of funds to reserves rather than processing them through the profit and loss account. This method might be used in specific instances, such as making prior-period adjustments.
The revaluation reserve account is a reserve accounting entry where unrealized profits or losses from the revaluation of fixed assets are recorded. It's essential for financial accuracy and compliance in the revaluation method used.
