Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Introduction to Contract Costing – Explanation
What is a Contract? The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typicall
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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
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Ethical Perspectives in the Accounting Profession
Accountants have a significant responsibility to the public. This responsibility exists because outside shareholders, creditors, employees, and others rely
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Key Users of Financial Statements for Decision-Making
Financial statements are an essential source of financial information for a wide range of users and decision-makers. These statements provide a comprehensi
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What Are Operating and Financing Leases?
The term lease is defined as a contact between the owner of an asset that is called the lessor, or the user of the assets that is called the lessee.
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What are the benefits of self-balancing systems?
A self-balancing system in accounting is a system of recording and reporting financial transactions in which the debits and credits for each transaction ar
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The role of auditors in a Limited Company
Auditors play a crucial role in public companies, and their responsibilities may vary depending on the company. In some cases, auditors may be responsible