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Financial Accounting Concepts
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 presen
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Cost Accounting
Cost classification according to the accounting treatment
Cost classification in cost accounting is the process of categorizing costs into different groups based on specific characteristics or criteria. It involves cla
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Financial Accounting Concepts
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 idea or
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Financial Management
What are Treasury Bills? | Duration of Issue
A Treasury bill, also known as a T-bill, is a short-term debt obligation issued by the U.S. Department of the Treasury. T-bills are considered to be one of the
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Cost Accounting
Budgeting and Appraisal Techniques [Quiz]
Q1. Choose the best statement regarding non-financial performance indication: a. it is short-sighted to consider that human resources might factor in as an indi
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Cost Accounting
What Are Relevant Costs – Meaning and Types
Relevant costs are those costs that will be incurred as a result of a decision and thus should be considered when making that decision. In cost accounting, rele
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Cost Accounting
Fixed Overhead Variances in Cost Accounting
Fixed overhead variance refers to the difference between the actual fixed production overheads and the absorbed fixed production overheads over a period of time
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Financial Accounting Concepts
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 the f
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Cost Accounting
What Are the Assumptions and Limitations of CVP Analysis?
Cost-Volume-Profit (CVP) analysis is a method for assessing the links between selling prices, total sales revenue, and the volume of production, expenses, and p
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Cost Accounting
What are non-manufacturing costs or period costs?
Period Costs Period costs, also referred to as nonmanufacturing costs, are expenses that a business incurs to maintain its operations but are not directly assoc