Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Financial Analysis of Sainsbury’s
Sainsbury’s is a British grocery store giant, the second biggest chain in the UK. Founded in 1869, it boasts a protracted record of providing groceri
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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 an Adjusted Trial Balance?
After adjusting entries are posted to the ledger and adjusting entries are recorded, an adjusted trial balance is compiled. This is the second trial balanc
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What is Trade Discount? Treatment of Trade Discounts
Trade discounts are discounts given to customers who purchase goods or services in large quantities or on a regular basis. These discounts are meant to enc
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What is Petty Cash in Accounting? Meaning and Purpose
Every business, regardless of size, has various expenses that need to be covered daily. These expenses are often small and frequently occur, such as office
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What are Accounting Standards? | Benefits and Limitations
Accounting standards are a set of principles, rules and guidelines that companies must follow when preparing and presenting financial statements. In simple
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What is a Fictitious Asset in Accounting?
When checking the financial statements of a company or solving an accounting problem you might have come across a term fictitious asset. The term “fi
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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 are the benefits of self-balancing systems?
Effective book-keeping is vital for companies to ensure accuracy and avoid discrepancies in their accounts. A self-balancing system is a sophisticated meth
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What is the Importance of Trading Account in Final Accounts
The Trading Account forms one of the critically important components of a company’s final accounts as it will determine gross profit or loss from its