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 Cash Book? Features and Objectives
The cash book, in its simplest form, is a chronological record of all cash transactions (receipts and payments) made by a business. It serves as a primary
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What Are 12 Accounting Concepts? – A Summary
Accounting Concepts are the underlying assumptions used to produce a business’s financial statements. The term “concept” refers to an ide
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What Are Accounting Principles, Concepts and Conventions?
Accounting is a fundamental aspect of running a business. It involves recording, analyzing, and interpreting financial transactions to provide an accurate
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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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Creative Accounting and Its Effects on Financial Reporting
Creative accounting is a financial strategy that involves manipulating financial statements to present a more favourable image of a company’s financial hea
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Audit, Assurance and Compliance – A case study of BHP Billiton
The report provides insight into the annual report of BHP Billiton for assessing, analyzing and evaluating the role, responsibilities and duties of the aud
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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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Introduction to Contract Costing – Meaning and Types
The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typically, a contract involv
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What is a Common-Size Financial Statement in Accounting?
A common-size financial statement is a type of financial statement where each line item is presented as a percentage of a base figure. The base figure is t
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Ratios are mechanical and incomplete – Comment
Ratios are basically figures that represent an element’s value in terms of the other. These are some of the most used techniques of financial analysis. Typ