Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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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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Difference Between Secured and Unsecured Loans
Loans are an essential type of fund for most business organisations. Businesses of all natures and sizes take loans to meet the financial needs of the orga
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What is the Meaning and Scope of Accounting
Accounting is a fundamental aspect of any business, big or small. It involves the recording, analysis, and interpretation of financial information to make
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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 is Meant by Goodwill in Accounting?
Goodwill, within the context of accounting, is a somewhat intricate concept. From a conceptual standpoint, goodwill refers to the intangible value attached
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Why internal control is necessary for accounting system
Internal control procedures in accounting are the policies and procedures implemented by a company to ensure the reliability of financial reporting, safegu
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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 non-current assets? Meaning and Examples
In simple terms, non-current assets are resources owned by a company that are not expected to be easily converted into cash within the next year. These ass
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What is a joint venture? | Methods of Recording Transactions
A Joint Venture (JV) is a temporary form of business where two or more people join together to meet short-term objectives. It is quite similar to a Partner
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What is Business Entity Concept?
The business entity concept is a fundamental accounting principle that defines a business as a separate economic entity from its owners. This principle is