Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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ECO-14 Accountancy II – Solved IGNOU Assignment
Assignment Code: ECO-14/TMA/2021-22 What are the different types of branches? Explain various methods of keeping branch accounts in the books of the Head O
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What is an Income Statement? Components and Elements
An income statement is a financial statement that shows a company’s revenues and expenses for a specific period of time. The Income Statement analyse
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What is the Statement of Retained Earnings?
Statement of Retained Earnings The Statement of Retained Earnings reconciles the Retained Earnings account from the beginning to the finish of the fiscal y
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Some Basic Accounting Questions You Should Be Aware of
General Accounting Concepts If you are an accounting student, these questions must be helpful in ensuring that you know basic accounting concepts. 1. In bu
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What are Contingent Assets and Contingent Liabilities?
Contingent Assets Contingent assets are those in which the likelihood of economic profit depends completely on future occurrences that cannot be controlled
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What is the Current Ratio and Current Ratio Formula?
What is the Current Ratio? The current ratio is a measure of the short-term financial liquidity of a business. It is the ratio of current assets to current
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What is Change in the Profit Sharing Ratio in Partnership Accounts?
A change in the profit-sharing ratio in partnership accounts refers to the alteration in the distribution of profits among the partners. This can occur for
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Straight Line Method of Depreciation – Benefits and Limitations
Under Straight Line Depreciation, a fixed proportion of the original cost of the asset (less residual value) is written off each year so that the asset acc
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Differences Between Accounting Concepts and Conventions
Although to a layman, both accounting concepts and accounting conventions may sound similar, there are some fundamental differences between them. There are
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What Are the Limitations of Financial Accounting?
Many of us still belief that the financial accounting system is perfect, and it would be a miracle to find something wrong with the financial accounting sy