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Financial Accounting Concepts
What is Cash Book? Features and Objectives
The cash book, in its simplest form, is a chronological record of all cash transactions (receipts and payments) made by a business. It serves as a primary book
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Financial Accounting Concepts
What Are 12 Accounting Concepts? – A Summary
Accounting Concepts are the underlying assumptions used to produce a business’s financial statements. The term “concept” refers to an idea or
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Financial Accounting Concepts
What Are Accounting Principles, Concepts and Conventions?
Accounting is a fundamental aspect of running a business. It involves recording, analyzing, and interpreting financial transactions to provide an accurate pictu
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Financial Accounting Concepts
What is the Accrual Concept in Financial Accounting?
The accrual concept is an accounting method used to record revenue and expenses when they occur rather than when they are paid. This means that revenues and exp
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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
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Financial Accounting Concepts
Creative Accounting and Its Effects on Financial Reporting
Creative accounting is a financial strategy that involves manipulating financial statements to present a more favourable image of a company’s financial health.
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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
Closing Entries to Prepare Trading Account
With the completion of an accounting period comes the important activity of preparing the financial statements. The first thing one does in doing this, particul
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Cost Accounting
What Are Stock Control Cards – Pros and Cons Explained
Stock control is a critical function of inventory management, allowing businesses to hold the necessary amount of stock to satisfy demand without excess stock o
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Financial Accounting Concepts
Introduction to Contract Costing – Meaning and Types
The term ‘contract’ refers to the agreement between two parties to do a particular task within a given time frame. Typically, a contract involves a