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 Does Mean Reconstitution of Partnership?
Reconstitution of partnership refers to a change in the existing structure or terms of a partnership firm while keeping its business operations intact. It
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What is Receipts and Payments Account?
A receipts and payments account is a type of financial statement, summarizing all cash and bank transactions of an organisation for an accounting period. A
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What are consolidated financial reports?
Consolidated financial reports are general statements of the parent company and all other subsidiaries in just one financial report. These statements serve
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Key Differences Between Revenue and Income
Revenue and income are two common terms seen on the Profit and Loss account or income statement of a company. Most students non-accounting persons don̵
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Difference Between Net Profit and Gross Profit
Profit is one of the most significant measures of a company’s financial well-being, but profits differ. Two critical metrics—gross profit and net pro
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What is the Going Concern Concept?
The going concern concept is a principle that assumes a business entity will continue operating for the foreseeable future, typically in the next 12 months
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What is the Difference Between Trading and Investing
In growing wealth in the financial market, two popular strategies are trading and investing. Though both require buying and selling of assets such as stock
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Difference Between Fixed and Floating Rate of Interest
Interest rates form a vital aspect of the financial landscape. Whether you are considering taking out a loan for a major purchase or investing in a bond, u
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Benefits of Computerised Accounting Systems
In today’s fast-paced, technology-driven world, businesses need to keep up with the latest advancements to remain competitive. One area where embraci
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What is a Consolidated Financial Statement?
A consolidated financial statement is a report of financial position and performance of a parent company and its subsidiaries as a single entity. It is an