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 a Bank Reconciliation Statement?
Bank Reconciliation Statement A bank reconciliation statement is a document that reconciles the balances of a bank’s checking account with the bank&#
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Treatment of Goodwill: IFRS v. US GAAP
When it comes to accounting principles, the treatment of goodwill can vary significantly between International Financial Reporting Standards (IFRS) and Uni
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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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Meaning and Objectives of Preparing Cash Flow Statement
Cash is critical to a business’s economic life. A business requires cash to pay suppliers, incur daily expenses, and pay salaries, wages, interest, a
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What are Ind-ASs and When They Are Applicable?
What is an Ind-AS? An IND-AS is an accounting standard prepared in India in compliance with IFRS. IND AS is currently tracked by all listed firms and those
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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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IAS 1 Presentation of Financial Statements
IAS 1 is the foundation of the IAS framework and sets out the overall requirements for the presentation of financial statements. It requires companies to p
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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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When changes in accounting policies are permitted?
Though ‘consistency’ is a fundamental accounting assumption, it does not imply that accounting policies adopted once cannot be altered ever in
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What are fundamental accounting principles?
Accounting is integral to any organization’s success, and fundamental accounting principles serve as a foundation for accurate financial reporting. F