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Financial Accounting Concepts
What Are Valuation Principles in Accounting?
Valuation refers to determining the fair value of an entity’s assets or liabilities, which is crucial in assessing its overall worth. Valuation principles
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Financial Accounting Concepts
What is the Concept of Measurement in Accounting
Measurement in accounting process refers to determining the value of the transactions so that they are recorded and properly in books of accounts. Measurement i
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Financial Accounting Concepts
What is Dual Aspect Concept in Bookkeeping?
According to the dual aspect concept, there are two aspects of accounting, one represents the assets of the business, and the other is the claim against these a
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Financial Accounting Concepts
What are the Various Subfields of Accounting?
Accounting extends far beyond the preparation of financial statements. At its core, it embodies a systematic approach to capturing, recording and analyzing fina
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Financial Accounting Concepts
What Are the Differences between Bookkeeping and Accounting?
Bookkeeping vs Accounting Many people think that bookkeeping is the same as accounting. It’s not! There are some similarities, but there are many, many differen
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Financial Accounting Concepts
Default and Repossession in Hire Purchase
In this post, we will discuss default and repossession, which are two crucial elements of the hire purchase accounting system. Let’s understand them in de
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Financial Accounting Concepts
What are the Procedural Aspects of Accounting?
The recording of transactions through the creation of financial statements is a universal accounting procedure or procedural aspect of accounting. This procedur
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Financial Accounting Concepts
The Rationale for Preparing Cash Flow Statement
Cash Flow Statement A cash flow statement is a report that measures and illustrates the company’s ability to generate revenues and meet its financial needs of t
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Financial Accounting Concepts
Closing entries to pass before preparing a Profit and Loss Account
Closing entries in accounting refer to the many entries that are made after an accounting year to eliminate the balances of all temporary accounts established t
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Accounting Regulatory Bodies
Volkswagen Scandal – An Accounting Perspective
Every public organisation must be accountable for its operations from a financial, social, and environmental perspective (Crane & Matten 2010). There are ma