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Cost Accounting
Purpose of Financial Accounting, Cost Accounting, GAAP, and IFRS
Accounting is also vital in making business decisions through providing transparency, accuracy, and conformity with financial laws. Financial accounting deals w
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Financial Accounting Concepts
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. Fundam
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Financial Accounting Concepts
Ethical Perspectives in the Accounting Profession
Accountants have a significant responsibility to the public. This responsibility exists because outside shareholders, creditors, employees, and others rely on f
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Financial Accounting Concepts
Key Users of Financial Statements for Decision-Making
Financial statements are an essential source of financial information for a wide range of users and decision-makers. These statements provide a comprehensive ov
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Tax Accounting
Differences between management and tax accounting
Financial accounting and reporting are only part of the broad field of accounting. Other significant kinds of accounting include management accounting and tax a
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Financial Accounting Concepts
What Are Operating and Financing Leases?
Leases are also generally categorized under operating leases and financing (or capital) leases with different accounting and financial effects. An operating lea
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Cost Accounting
What is a sunk cost and its impact on decision making
A sunk cost is that which has been incurred or committed in the past and is, therefore, irrelevant to the decision-making purpose because the decision-maker no
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Cost Accounting
Differences between standard cost and standard costing
The standard cost is the amount anticipated to be paid for materials or labour. The standard quantity is the estimated amount of materials or labour used. It is
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Cost Accounting
Definition of Cost Object in Cost Accounting
A cost object is anything for which a separate measurement of costs is desired. It may be a project, a customer, an activity or a department. The concept of cos
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Cost Accounting
What is Contribution Margin? Meaning and Calculation
The contribution margin can be defined as the amount by which the selling price of a product exceeds its total variable unit costs. This difference between the