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What Does Mean Reconstitution of Partnership?
Reconstitution of partnership refers to a change in the existing structure or terms of a partnership firm while keeping its business operations intact. It takes
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Financial Accounting Concepts
What is Receipts and Payments Account?
A receipts and payments account is a type of financial statement, summarizing all cash and bank transactions of an organisation during a specified accounting pe
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Financial Accounting Concepts
What are consolidated financial reports?
Consolidated financial reports are general statements of the parent company and all other subsidiaries in just one financial report. These statements serve to d
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Financial Accounting Concepts
Key Differences Between Revenue and Income
The differences between revenue and income can be understood by considering the fact that these terms depict two different aspects of a company’s financia
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Corporate Accounting
What Are ESG Reporting Frameworks?
Companies need Environmental, Social, and Governance or ESG reporting frameworks to express their sustainability and ethical performance. The significance of su
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Financial Accounting Concepts
How AI is Making the Work of Accountants Easier
Artificial Intelligence is changing the face of industries in all directions, and accounting is definitely not excluded. Artificial intelligence can help accoun
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Corporate Accounting
Benefits of Issuing Debentures Rather than Shares
Companies raising capital to raise funds in order to expand are at liberty to opt for shares or debentures. While both can raise the needed capital, oftentimes
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Cost Accounting
What is Economic Batch Quantity? With Example
Economic batch quantity (EBQ) is a crucial concept that determines the most cost-effective quantity of units to produce in a single batch or production run. By
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Financial Accounting Concepts
Difference Between Net Profit and Gross Profit
Net profit and gross profit are two important types of profits in accounting. Sometimes both terms are not clear, especially to non-accounting people. Understan
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Financial Accounting Concepts
What is the Going Concern Concept?
The going concern concept is a core principle that assumes a business entity will continue operating for the foreseeable future, typically in the next 12 months