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 zero-based budgeting? Meaning and Explanation
Zero-based budgeting Zero-based budgeting (ZBB) is an accounting method that calculates every budget element from an initial zero point. This can seem a li
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IFRS 6 – Exploration for and Evaluation of Mineral Resources
Overview IFRS 6 Exploration for and Evaluation of Mineral Resources allows organisations adopting the standard for the first time to continue to apply pre-
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Meaning and Objectives of Preparing Cash Flow Statement
Importance of Cash Cash is critical to a business’s economic life. A business requires cash to pay suppliers, incur daily expenses, and pay salaries,
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What are Ind-ASs and When They Are Applicable?
What is an Ind-AS? An IND-AS is an accounting standard prepared in India in compliance with IFRS. IND AS is currently tracked by all listed firms and those
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IFRS 4 – Insurance Contracts, Scope and Applicability
Overview IFRS 4 is the IASB’s first advice on insurance contract accounting – but not the last. A detailed study of insurance contracts is now
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Introduction to Contract Costing – Explanation
What is a Contract? The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typicall
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IAS 1 Presentation of Financial Statements
IAS 1 is the foundation of the IAS framework and sets out the overall requirements for the presentation of financial statements. It requires companies to p
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What Are 12 Accounting Concepts? – A Summary
Accounting Concepts are the underlying assumptions used to produce a business’s financial statements. The term “concept” refers to an ide
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When changes in accounting policies are permitted?
Though ‘consistency’ is a fundamental accounting assumption, it does not imply that accounting policies adopted once cannot be altered ever in
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What are fundamental accounting principles?
Accounting is integral to any organization’s success, and fundamental accounting principles serve as a foundation for accurate financial reporting. F