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 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 Receipts and Payments Account?
A receipts and payments account is a type of financial statement, summarizing all cash and bank transactions of an organisation during a specified accounti
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What are consolidated financial reports?
Consolidated financial reports are general statements of the parent company and all other subsidiaries in just one financial report. These statements serve
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Key Differences Between Revenue and Income
The differences between revenue and income can be understood by considering the fact that these terms depict two different aspects of a company’s fin
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How AI is Making the Work of Accountants Easier
Artificial Intelligence is changing the face of industries in all directions, and accounting is definitely not excluded. Artificial intelligence can help a
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Difference Between Net Profit and Gross Profit
Net profit and gross profit are two important types of profits in accounting. Sometimes both terms are not clear, especially to non-accounting people. Unde
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What is the Going Concern Concept?
The going concern concept is a core principle that assumes a business entity will continue operating for the foreseeable future, typically in the next 12 m
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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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Benefits of Computerised Accounting Systems
In today’s fast-paced, technology-driven world, businesses need to keep up with the latest advancements to remain competitive. One area where embraci
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What is a Consolidated Financial Statement?
A consolidated financial statement essentially presents the combined financial results, assets, liabilities, and cash flows of the parent company and its s