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Corporate Accounting
Treatment of Goodwill in a Business Purchase
The treatment of goodwill in a business purchase is a crucial aspect that can impact the overall financial picture and success of the transaction. Goodwill repr
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Financial Accounting Concepts
What do you mean by Systematic Risk
Systematic risks are market risks or undiversifiable risks, and the essential characteristic is that these are inherent risks that have an effect on the whole f
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Financial Accounting Concepts
What Are Accounting Principles, Concepts and Conventions?
Accounting is a fundamental aspect of running a business. It involves recording, analyzing, and interpreting financial transactions to provide an accurate pictu
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Financial Accounting Concepts
Accounting Policies, Selection and Changes in Accounting Policies
Accounting policies are the specific policies and procedures used by a company to prepare its financial statements. These include the methods, measurement syste
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Financial Accounting Concepts
What is the Accrual Concept in Financial Accounting?
The accrual concept is an accounting method used to record revenue and expenses when they occur rather than when they are paid. This means that revenues and exp
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IFRS
What Are the Differences between IFRS and GAAP?
Financial reporting standards are important to provide transparency, consistency, and comparability of financial statements among businesses. International Fina
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Cost Accounting
What are various types of sales variances in cost accounting
Sales variance can be defined as the difference between the standard or expected revenue and the actual revenue. It is different from cost variances because cos
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Cost Accounting
What is the Budget Period in Accounting?
A budget is a quantitative future plan that helps an organisation coordinate its actions. Large organisations all have a budget. Numerous companies produce deta
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Financial Accounting Concepts
What is the Ledger and its purpose in Bookkeeping?
A ledger, in bookkeeping and accounting, is a fundamental record, containing all the financial transactions of a business, organized by account. It essentially
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Financial Accounting Concepts
Jalani Distributors sold three light commercial vans
Jalani Distributors sold three light commercial vans to Jain Enterprises on January 1, 2017, on hire purchase system. The price of each van was Rs. 90,000 payme