Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Ethical Perspectives in the Accounting Profession
Accountants have a significant responsibility to the public. This responsibility exists because outside shareholders, creditors, employees, and others rely
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Key Users of Financial Statements for Decision-Making
Financial statements are an essential source of financial information for a wide range of users and decision-makers. These statements provide a comprehensi
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What Are Operating and Financing Leases?
Leases are also generally categorized under operating leases and financing (or capital) leases with different accounting and financial effects. An operatin
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What are the benefits of self-balancing systems?
Effective book-keeping is vital for companies to ensure accuracy and avoid discrepancies in their accounts. A self-balancing system is a sophisticated meth
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The role of auditors in a Limited Company
Auditors play a crucial role in public companies, and their responsibilities may vary depending on the company. In some cases, auditors may be responsible
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Cost-Volume-Profit Analysis: Advantages and Disadvantages
Cost-Volume-Profit analysis is a financial management tool helping firms understand the relationship between costs, sales volume, and profitability. By ana
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Financial Ratios and Its Importance to Decision Makers
Financial ratios are one of the most popular financial analysis tools. It works as a bridge between technical and non-technical users of financial statemen
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What is a Trial Balance? | Objectives and Rules
A trial balance is a bookkeeping or accounting report that lists the balances in each of an organization’s general ledger accounts. Whenever a trial
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What Are Valuation Principles in Accounting?
Valuation refers to determining the fair value of an entity’s assets or liabilities, which is crucial in assessing its overall worth. Valuation princ
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What is the Concept of Measurement in Accounting
Measurement in accounting process refers to determining the value of the transactions so that they are recorded and properly in books of accounts. Measurem