Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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The Qualitative Characteristics of Financial Information
The qualitative characteristics of financial information refer to the attributes that make it useful for decision-making purposes. These characteristics in
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Characteristics of an Effective Financial Reporting Framework
In the current world of financial complication, organizations and companies heavily count on financial reports to make suitable decisions. Having a strong
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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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Causes of disagreement in the Cash Book and Pass Book
1. (a) What is a Bank Reconciliation Statement? Explain the causes of disagreement in the balances shown by the Cash Book and Pass Book. (10) Solution: BAN
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Meaning and Treatment of Bad and Doubtful Debts
While preparing the financial statements, you will frequently reference bad and doubtful debts. Both these accounts are charges against the profit. However
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Audit, Assurance and Compliance – A case study of BHP Billiton
The report provides insight into the annual report of BHP Billiton for assessing, analyzing and evaluating the role, responsibilities and duties of the aud
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Different systems of maintaining the accounts of a dependent branch
Question 1. Explain the different systems of maintaining the accounts of a dependent branch. How is profit ascertained under each system? Discuss. A depend
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Advantages and Disadvantages of Perpetual Inventory System
A perpetual inventory system automatically records and updates the inventory account whenever inventory is sold or purchased. You can think of this as R
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Ratios are mechanical and incomplete – Comment
Ratios are basically figures that represent an element’s value in terms of the other. These are some of the most used techniques of financial analysis. Typ
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What is a Chart of Accounts | Meaning and Purpose
A chart of accounts is a systematic listing of all accounts employed to classify and record financial transactions in an organization’s ledger. It is