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 Compound Interest and How to Calculate It?
Compound interest involves earning interest not only on the initial amount of money or principal but also on any previously accumulated interest. This mean
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Differences Between Accounting Concepts and Conventions
Although to a layman, both accounting concepts and accounting conventions may sound similar, there are some fundamental differences between them. There are
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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 a Chart of Accounts | Meaning and Purpose
A chart of accounts is a systematic listing of all accounts employed to classify and record financial transactions in an organization’s ledger. It is
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What are accounting estimates in financial accounting?
We have learned how to measure a transaction that has already occurred or taken place and for which either some value /money has been paid, or some valuati
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Financial Ratios and Its Importance to Decision Makers
Financial ratios are one of the most popular financial analysis tools. It works as a bridge between technical and non-technical users of financial statemen
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What does mean reporting period in accounting
The reporting period, also known as the accounting period, refers to the specific timeframe for which a company’s financial performance and position
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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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What is zero-based budgeting? Meaning and Explanation
Zero-based budgeting, or ZBB, is a strategic approach to financial planning that expects each expense to be justified starting from zero. Unlike the tradit
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What is the accounting process? Various Steps Explained
The accounting process is a methodical procedure that organisations employ to account, analyze, and interpret business transactions. In other words, the ac