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Financial Accounting Concepts
Meaning and Accounting Treatment of Depreciation
Generally, the term ‘depreciation’ denotes a decrease in value, but in accounting, this term denotes a decrease in the book value of a fixed asset. Becaus
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Financial Accounting Concepts
The Qualitative Characteristics of Financial Information
The qualitative characteristics of financial information refer to the attributes that make it useful for decision-making purposes. These characteristics include
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Financial Accounting Concepts
Characteristics of an Effective Financial Reporting Framework
In the current world of financial complication, organizations and companies heavily count on financial reports to make suitable decisions. Having a strong frame
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Financial Accounting Concepts
What is a joint venture? | Methods of Recording Transactions
A Joint Venture (JV) is a temporary form of business where two or more people join together to meet short-term objectives. It is quite similar to a Partnership
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Cost Accounting
What is the Just-in-Time Inventory System
The just-in-time inventory system is a method of stock control that involves a systematic approach to keeping accurate records of all the stock and inventory. A
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Financial Accounting Concepts
Causes of disagreement in the Cash Book and Pass Book
1. (a) What is a Bank Reconciliation Statement? Explain the causes of disagreement in the balances shown by the Cash Book and Pass Book. (10) Solution: BANK REC
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Financial Accounting Concepts
Meaning and Treatment of Bad and Doubtful Debts
While preparing the financial statements, you will frequently reference bad and doubtful debts. Both these accounts are charges against the profit. However, the
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Financial Accounting Concepts
Audit, Assurance and Compliance – A case study of BHP Billiton
The report provides insight into the annual report of BHP Billiton for assessing, analyzing and evaluating the role, responsibilities and duties of the auditor.
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Financial Accounting Concepts
Different systems of maintaining the accounts of a dependent branch
Question 1. Explain the different systems of maintaining the accounts of a dependent branch. How is profit ascertained under each system? Discuss. A dependent b
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Financial Accounting Concepts
Advantages and Disadvantages of Perpetual Inventory System
A perpetual inventory system automatically records and updates the inventory account whenever inventory is sold or purchased. You can think of this as “re