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Financial Accounting Concepts
What is the Ledger and its purpose in Bookkeeping?
A ledger, in bookkeeping and accounting, is a fundamental record, containing all the financial transactions of a business, organized by account. It essentially
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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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Corporate Accounting
What is the Price Yield Relationship?
The Price Yield Relationship (also known as the price yield equation) refers to the relationship between the price of a security and its yield. The price yield
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Financial Accounting Concepts
What is a Joint Venture? Meaning and Purpose
A joint venture is a business agreement between two or more parties to pool their resources to achieve a goal or undertake a specific project. The parties invol
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Cost Accounting
Direct Materials- Meaning and Examples
Direct Materials are those materials that can be identified in the product, measured and directly charged to the product to the product. Thus, these materials d
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Cost Accounting
What is Fixed Overhead Volume Variance?
The fixed overhead volume variance is also referred to as the production volume variation because this variance is dependent on production volume. The volume va
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Financial Accounting Concepts
What are the final accounts? and how to prepare them?
After passing journal entries for events and transactions, posting them to ledgers, and preparing trial balances, the final step is to prepare final accounts. B
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Financial Accounting Concepts
Differences Between Events and Transactions
In accounting, the terms events and transactions are often used interchangeably by those unfamiliar with their technical distinctions. Yet, for accountants and
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Corporate Accounting
Factors determining the dividend policy of a company
A dividend policy is a company’s guidelines strategy to decide how much money it will distribute as a dividend to its shareholders. It can be important fo
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Tax Accounting
What is Goods and Services Tax (GST)?
Goods and Services Tax (GST) is a broad indirect tax charged on the supply of goods and services. It was brought in to provide a simplified taxation system by c