Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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What Are the Limitations of Financial Accounting?
Many of us still belief that the financial accounting system is perfect, and it would be a miracle to find something wrong with the financial accounting sy
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What is a Bank Reconciliation Statement?
Bank Reconciliation Statement A bank reconciliation statement is a document that reconciles the balances of a bank’s checking account with the bank&#
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Treatment of Goodwill: IFRS v. US GAAP
When it comes to accounting principles, the treatment of goodwill can vary significantly between International Financial Reporting Standards (IFRS) and Uni
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What are mutual fund loads? Meaning and Types
Mutual fund loads are sales charges or commissions levied on investors when they purchase or sell shares in certain types of mutual funds. The total charge
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5 Helpful Tips For Getting Rid Of Debt
Debt can feel like a heavy weight on your shoulders. It can limit your financial freedom and cause a lot of stress. But you don’t have to stay stuck!
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What is zero-based budgeting? Meaning and Explanation
Zero-based budgeting, or ZBB, is a strategic approach to financial planning that expects each expense to be justified starting from zero. Unlike the tradit
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Meaning and Objectives of Preparing Cash Flow Statement
Cash is critical to a business’s economic life. A business requires cash to pay suppliers, incur daily expenses, and pay salaries, wages, interest, a
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What are Ind-ASs and When They Are Applicable?
What is an Ind-AS? An IND-AS is an accounting standard prepared in India in compliance with IFRS. IND AS is currently tracked by all listed firms and those
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Introduction to Contract Costing – Meaning and Types
The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typically, a contract involv
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IAS 1 Presentation of Financial Statements
IAS 1 is the foundation of the IAS framework and sets out the overall requirements for the presentation of financial statements. It requires companies to p