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Financial Accounting Concepts
The concept of accruals and prepayments
Accruals and prepayments stand on the basis of the double-entry bookkeeping system and modern financial accounting. Accruals/Prepayments The accruals concept is
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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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Financial Accounting Concepts
Straight Line Method of Depreciation – Benefits and Limitations
Under Straight Line Depreciation, a fixed proportion of the original cost of the asset (less residual value) is written off each year so that the asset account
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Corporate Accounting
MCQ with Answers about Bonds and Bonds Value
Bonds and Bonds Value Quiz The stated interest payment, in dollars, made on a bond each period is called the bond: A) Coupon B) Face value. C) Maturity D) Yield
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Cost Accounting
Difference between gross margin and contribution margin
Contribution margin vs gross margin; this is a matter of great confusion among many accounting students. Most of them think they both are the same. In this post
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Financial Accounting Concepts
What are the Fundamental Accounting Assumptions?
Fundamentals accounting assumptions are the underlying assumptions that are presumed to have been followed while preparing financial statements. There are three
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Corporate Accounting
What is valuation, and why is there a need for valuation?
Valuation is appraising or determining the worth of physical or intangible assets, securities, liabilities, and a particular firm as a going concern or any list
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Financial Accounting Concepts
What is the Modified Internal Rate of Return (MIRR)?
In an effort to solve some of the shortcomings of the IRR method, financial analysts have devised an alternate evaluation procedure that is comparable to the IR
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Financial Accounting Concepts
What are Current Liabilities? Meaning and Types
Liabilities are the obligations to pay money, render services, or deliver goods at a later date as a result of a previous transaction. This definition covers al
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Financial Accounting Concepts
How to Delete a bill in QuickBooks Online?
For a new user, it may be difficult to find how to delete a bill in Quickbooks Online. This situation may arise as a result of wrong particulars in the entered