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 is Meant by Goodwill in Accounting?
Goodwill, within the context of accounting, is a somewhat intricate concept. From a conceptual standpoint, goodwill refers to the intangible value attached
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What is Abnormal Process Loss?
Abnormal process loss refers to the unexpected and unanticipated loss of production material or goods during the manufacturing or production process. Unlik
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What are non-current assets? Meaning and Examples
In simple terms, non-current assets are resources owned by a company that are not expected to be easily converted into cash within the next year. These ass
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5 Types of Assets That Are Written Off At Some Point of Time
Asset write-offs are an integral part of financial accounting for businesses and organizations. They involve recognising and removing assets from the balan
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What is the Meaning and Scope of Accounting
Accounting is a fundamental aspect of any business, big or small. It involves the recording, analysis, and interpretation of financial information to make
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What is the Double Entry System of Book-Keeping?
Double entry system is a common bookkeeping system used in accounting. It is one of the oldest known bookkeeping systems and has existed since ancient time
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What is Batch Costing? How is it Different From Job Costing?
Batch costing is a form of specific order costing in which costs are attributed to batches of products. A batch might also be called a ‘production run’. A
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5 ways to improve liquidity ratios
Liquidity ratios are crucial financial indicators that measure a company’s ability to meet short-term obligations. For business owners, maintaining h
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Write a note on accounting for payroll
Accounting for payroll is a fundamental aspect of managing human resources and ensuring accurate financial records. This procedure entails keeping track of
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Bank Overdraft as a Source of Finance
Bank overdraft is a common source of finance used by businesses, individuals and even governments to meet their short-term cash flow needs. An overdraft is