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Financial Accounting Concepts
Difference Between Net Profit and Gross Profit
Net profit and gross profit are two important types of profits in accounting. Sometimes both terms are not clear, especially to non-accounting people. Understan
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Financial Accounting Concepts
What is the Going Concern Concept?
The going concern concept is a core principle that assumes a business entity will continue operating for the foreseeable future, typically in the next 12 months
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Corporate Accounting
Liquidation of Companies | Meaning and Procedure
The liquidation of companies refers to the process of winding down operations and selling its assets to pay off its debts to external parties. It is essentially
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Corporate Accounting
What are calls-in-arrear and calls-in-advance?
Calls-in-arrear and calls-in-advance are related to the share capital of a company and how shareholders contribute to it. Here’s a breakdown: Calls-in-arr
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Money and Investment
What is the Difference Between Trading and Investing
In finance, the concepts of “trading” and “investing” are frequently used interchangeably. However, there are different strategies with
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Financial Accounting Concepts
Difference Between Fixed and Floating Rate of Interest
Interest rates form a vital aspect of the financial landscape. Whether you are considering taking out a loan for a major purchase or investing in a bond, unders
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Financial Accounting Concepts
Benefits of Computerised Accounting Systems
In today’s fast-paced, technology-driven world, businesses need to keep up with the latest advancements to remain competitive. One area where embracing te
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Financial Accounting Concepts
What is a Consolidated Financial Statement?
A consolidated financial statement essentially presents the combined financial results, assets, liabilities, and cash flows of the parent company and its subsid
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Financial Accounting Concepts
What does mean reporting period in accounting
The reporting period, also known as the accounting period, refers to the specific timeframe for which a company’s financial performance and position are m
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Financial Accounting Concepts
What is Meant By Impairment of Assets
In simple terms, an impaired asset is one whose market value has fallen below its value listed on the company’s balance sheet. Think of it as a valuable p