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 is Dual Aspect Concept in Bookkeeping?
According to the dual aspect concept, there are two aspects of accounting, one represents the assets of the business, and the other is the claim against th
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What are the Various Subfields of Accounting?
Accounting extends far beyond the preparation of financial statements. At its core, it embodies a systematic approach to capturing, recording and analyzing
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What Are the Differences between Bookkeeping and Accounting?
Bookkeeping vs Accounting Many people think that bookkeeping is the same as accounting. It’s not! There are some similarities, but there are many, many dif
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Default and Repossession in Hire Purchase
In this post, we will discuss default and repossession, which are two crucial elements of the hire purchase accounting system. Let’s understand them
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What are the Procedural Aspects of Accounting?
The recording of transactions through the creation of financial statements is a universal accounting procedure or procedural aspect of accounting. This pro
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The Rationale for Preparing Cash Flow Statement
Cash Flow Statement A cash flow statement is a report that measures and illustrates the company’s ability to generate revenues and meet its financial needs
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Closing entries to pass before preparing a Profit and Loss Account
Closing entries in accounting refer to the many entries that are made after an accounting year to eliminate the balances of all temporary accounts establis
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Methods of Preparing a Trial Balance
A trial balance is a listing of all the general ledger accounts in a company’s accounting system at a specific point in time. It shows the ending bal
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What are the Fundamental Accounting Assumptions?
Fundamentals accounting assumptions are the underlying assumptions that are presumed to have been followed while preparing financial statements. There are
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Meaning and Accounting Treatment of Depreciation
Generally, the term ‘depreciation’ denotes a decrease in value, but in accounting, this term denotes a decrease in the book value of a fixed asset. B