Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Cost-Volume-Profit Analysis: Advantages and Disadvantages
The concept of cost-volume-profit analysis is simple. It’s the ratio of revenue to the total cost divided by the ratio of the number of units sold to the t
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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 is a Trial Balance? | Objectives and Rules
A trial balance is a bookkeeping or accounting report that lists the balances in each of an organization’s general ledger accounts. Whenever a trial
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What Are Valuation Principles in Accounting?
Valuation refers to determining the fair value of an entity’s assets or liabilities, which is crucial in assessing its overall worth. Valuation princ
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What is the Concept of Measurement in Accounting
Measurement in accounting process refers to determining the value of the transactions so that they are recorded and properly in books of accounts. Measurem
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What is Dual Aspect Concept in Bookkeeping?
According to the dual aspect concept, there are two aspects of accounting, one represents the assets of the business, and the other is the claim against th
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What are the Various Subfields of Accounting?
Accounting extends far beyond the preparation of financial statements. At its core, it embodies a systematic approach to capturing, recording and analyzing
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What Are the Differences between Bookkeeping and Accounting?
Bookkeeping vs Accounting Many people think that bookkeeping is the same as accounting. It’s not! There are some similarities, but there are many, many dif
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Default and Repossession in Hire Purchase
In this post, we will discuss default and repossession, which are two crucial elements of the hire purchase accounting system. Let’s understand them
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What are the Procedural Aspects of Accounting?
The recording of transactions through the creation of financial statements is a universal accounting procedure or procedural aspect of accounting. This pro