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 12 Accounting Concepts? – A Summary
Accounting Concepts are the underlying assumptions used to produce a business’s financial statements. The term “concept” refers to an ide
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When changes in accounting policies are permitted?
Though ‘consistency’ is a fundamental accounting assumption, it does not imply that accounting policies adopted once cannot be altered ever in
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What are fundamental accounting principles?
Accounting is integral to any organization’s success, and fundamental accounting principles serve as a foundation for accurate financial reporting. F
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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