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 Differences between Accounting and Auditing
Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything from preparing individual tax returns to preparing fina
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Differences between Lease and Hire Purchase
Lease and Hire Purchase are two widely used methods of acquiring assets, particularly in business. Although both options involve using an asset for payment
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What is a Bill of Exchange?
The seamless operation of transactions is made possible by a variety of tools in the worlds of banking and commerce. The Bill of Exchange is a legally bind
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Differences Between General Reserves and Capital Reserves
Reserves are essential for strengthening a company’s financial situation. General reserves and capital reserves are two different kinds of reserves.
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What is a Promissory Note?
A promissory note is a written agreement, often referred to as a “note payable” or “IOU” (I owe you), in which one party (the maker
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Difference between COGS and Cost of sales
The terms COGS and cost of sales are often used interchangeably. However, they represent two different concepts that can have a significant impact on a com
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What is Creative Accounting?
Creative accounting is a term used to describe manipulating financial information to present a better picture of a company’s financial standing. Whil
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Difference Between Secured and Unsecured Loans
Loans are an essential type of fund for most business organisations. Businesses of all natures and sizes take loans to meet the financial needs of the orga
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What is the main difference between fixed and variable costs?
Fixed costs and variable costs are two essential components of the cost structure of any business. It is essential for effective financial planning, budget
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What is Net Realisable Value (NRV)?
Net Realisable Value is the value of a product after subtracting the expected costs of production, transaction costs and taxes related to the sale of the i