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 is Abnormal Process Loss? Causes and Impacts
Process loss in manufacturing and production refers to the decrease of expected output due to wastage, defects, or other inefficiencies in the process at t
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What are non-current assets? Meaning and Examples
In simple terms, non-current assets are resources owned by a company that are not expected to be easily converted into cash within the next year. These ass
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5 Types of Assets That Are Written Off At Some Point of Time
Asset write-offs are an integral part of financial accounting for businesses and organizations. They involve recognising and removing assets from the balan
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What is the Meaning and Scope of Accounting
Accounting is a fundamental aspect of any business, big or small. It involves the recording, analysis, and interpretation of financial information to make
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What is the Double Entry System of Book-Keeping?
The Double Entry System of bookkeeping is an accounting method where every financial transaction is recorded in at least two accounts. In the double entry
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What is Batch Costing? How is it Different From Job Costing?
Batch costing is a form of specific order costing in which costs are attributed to batches of products. A batch might also be called a ‘production run’. A
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5 ways to improve liquidity ratios
Liquidity is the lifeblood of any organization, which can easily face its short-term obligations without a strain on finances. Liquidity ratios, like the c
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Write a note on accounting for payroll
Accounting for payroll is a fundamental aspect of managing human resources and ensuring accurate financial records. This procedure entails keeping track of
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Bank Overdraft as a Source of Finance
Bank overdraft is a common source of finance used by businesses, individuals and even governments to meet their short-term cash flow needs. An overdraft is
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What Are the Differences between Accounting and Auditing
Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything from preparing individual tax returns to preparing fina