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 Contingent Assets and Contingent Liabilities?
Financial statements aim to present a clear and reliable picture of an organisation’s financial position. However, not all economic events fit neatly into
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Net Present Value: Investment Appraisal Tool
Capital budgeting decisions impact whether a company will have sustainable growth or face challenges in making inefficient investments. Each proposed inves
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What Does Mean Substance Over Form?
In accounting, the phrase “substance over form” refers to a preference for the underlying truth of a transaction above its legal form. The acco
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History of accounting standard setting in Australia
The history of accounting standard setting in Australia has evolved over the years as a function of institutional change and government regulatory efforts.
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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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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
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Written Down Value Method of Depreciation
Depreciation represents the systematic reduction in the value of an asset over its useful life due to wear and tear, usage, or obsolescence. It helps in pr
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Common Mistakes Students Make While Calculating Depreciation
Depreciation is one of the foundational concepts in accounting that helps allocate the cost of a tangible asset over its useful life. Despite being a routi
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Depreciation, Amortisation, and Depletion: What’s the Difference?
Every business owns assets — machines, vehicles, buildings, patents, and natural resources — that help it generate revenue. But these assets don’t last for
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What Is a Fractional CFO and Why Every Growing Business Needs One
In business world, financial expertise is no longer a luxury — it is a necessity. Yet, hiring a full-time Chief Financial Officer (CFO) is beyond the budge