Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Meaning and Accounting Treatment of Depreciation
Depreciation is the reduction in the value of an asset over time due to wear and tear, obsolescence, or other factors. Generally, the term ‘depreciation
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The Qualitative Characteristics of Financial Information
The qualitative characteristics of financial information refer to the attributes that make it useful for decision-making purposes. These characteristics in
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Characteristics of an Effective Financial Reporting Framework
Any effective financial reporting system needs to be a coherent one. Such frameworks have several characteristics: Transparency A framework should enhance
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What is a joint venture? | Methods of Recording Transactions
A Joint Venture (JV) is a temporary form of business where two or more people join together to meet short-term objectives. It is quite similar to a Partner
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Causes of disagreement in the Cash Book and Pass Book
1. (a) What is a Bank Reconciliation Statement? Explain the causes of disagreement in the balances shown by the Cash Book and Pass Book. (10) Solution: BAN
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Meaning and Treatment of Bad and Doubtful Debts
While preparing the financial statements, you will frequently reference bad and doubtful debts. Both these accounts are charges against the profit. However
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Audit, Assurance and Compliance – A case study of BHP Billiton
The report provides insight into the annual report of BHP Billiton for assessing, analyzing and evaluating the role, responsibilities and duties of the aud
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Different systems of maintaining the accounts of a dependent branch
Question 1. Explain the different systems of maintaining the accounts of a dependent branch. How is profit ascertained under each system? Discuss. A depend
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Advantages and Disadvantages of Perpetual Inventory System
A perpetual inventory system automatically records and updates the inventory account whenever inventory is sold or purchased. You can think of this as R
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Ratios are mechanical and incomplete – Comment
Ratios are basically figures that represent an element’s value in terms of the other. These are some of the most used techniques of financial analysis. Typ