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 are the final accounts? and how to prepare them?
By final accounts, we mean manufacturing and trading account (only trading accounts in the case of non-manufacturing entities), profit and loss accounts, a
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Choosing the Best Accounting Books for Students
Some of the best accounting books that you can buy are books that will provide an overview and explain the basic concepts of the subject, such as the basic
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Net Present Value: Investment Appraisal Tool
What is the Net Present Value Method? Net present value is the total value of the expected future cash flows for a project or investment and deducts a retu
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What are Accounting Standards? | Benefits and Limitations
Accounting Standards (ASs) are the written statements of the code of practice of the regulatory accounting bodies that are to be observed in the preparatio
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The concept of accruals and prepayments
Accruals and prepayments stand on the basis of the double-entry bookkeeping system and modern financial accounting. Accruals/Prepayments The accruals conce
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What is the accounting process?
The accounting process is a series of steps that businesses follow to record, classify, summarize, and report their financial transactions. It is a cyclica
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What are accounting estimates in financial accounting?
We have learned how to measure a transaction that has already occurred or taken place and for which either some value /money has been paid, or some valuati
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Closing Entries to Prepare Trading Account
Closing Entries Before preparing the Trading account, various accounts need to be closed and transferred to the trading account at the end of the accountin
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What is the Importance of Trading Account in Final Accounts
We all know that accounting is directed toward keeping systematic records of business transactions. These records are prepared with a view to ascertaining
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What is Triple Bottomline Reporting?
Triple Bottomline Reporting (TBR) is a new business method used by a small number of businesses, particularly in environmental or sustainable energy indust