Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Choosing the Best Accounting Books for Students
Some of the best accounting books that you can buy are books that will provide an overview and explain the basic concepts of the subject, such as the basic
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Net Present Value: Investment Appraisal Tool
What is the Net Present Value Method? Net present value is the total value of the expected future cash flows for a project or investment and deducts a retu
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What are Accounting Standards? | Benefits and Limitations
Accounting standards are a set of principles, rules and guidelines that companies must follow when preparing and presenting financial statements. In simple
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The concept of accruals and prepayments
Accruals and prepayments stand on the basis of the double-entry bookkeeping system and modern financial accounting. Accruals/Prepayments The accruals conce
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What is the accounting process? Various Steps Explained
The accounting process is a methodical procedure that organisations employ to account, analyze, and interpret business transactions. In other words, the ac
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What are accounting estimates in financial accounting?
We have learned how to measure a transaction that has already occurred or taken place and for which either some value /money has been paid, or some valuati
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Closing Entries to Prepare Trading Account
With the completion of an accounting period comes the important activity of preparing the financial statements. The first thing one does in doing this, par
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What is the Importance of Trading Account in Final Accounts
The Trading Account forms one of the critically important components of a company’s final accounts as it will determine gross profit or loss from its
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What is Triple Bottom Line Reporting (TBLR)?
Triple Bottom Line Reporting (TBLR) is a new process that focuses on reporting, assessing and improving organisational performance for sustainability. This
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Classification of Accounts in Bookkeeping
Bookkeeping is the basis of financial management. All business transactions must be systematically recorded and categorized in bookkeeping. Classification