Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Accounting Policies, Selection and Changes in Accounting Policies
Accounting policies are the specific policies and procedures used by a company to prepare its financial statements. These include the methods, measurement
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What is the Accrual Concept in Financial Accounting?
The accrual concept is an accounting method used to record revenue and expenses when they occur rather than when they are paid. This means that revenues an
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What is the Ledger and its purpose in Bookkeeping?
A ledger, in bookkeeping and accounting, is a fundamental record, containing all the financial transactions of a business, organized by account. It essenti
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Jalani Distributors sold three light commercial vans
Jalani Distributors sold three light commercial vans to Jain Enterprises on January 1, 2017, on hire purchase system. The price of each van was Rs. 90,000