Types of Auditors
An investigation, inquiry, or validation of accounting standards may all be carried out in the form of an audit. An auditor may be asked to … Read more
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
IAS 8 is about implementation of accounting policies, the accounting for changes in estimates, and the correction of prior period errors. The standard establishes rules … Read more
Summary of (IAS 10) – Events after the Reporting Period
International Accounting Standard IAS 10 comes into the part when an organization has to make post-reporting period modifications to the accounts it keeps; and the … Read more
Summary of IAS-2 (Inventory valuation)
IAS-2 (inventory valuation) is about calculating and recording the value of the inventory items. These inventory items include raw material, finished goods, and goods in … Read more
Scrum Project Management: (What It Is and How You Can Use)
As the world becomes more digital and connected, so does our work. Scrum project management is a process that works well in this context. It … Read more
What is an audit report (all you need to know)
The audit report is prepared and issued by auditors at the end of audit fieldwork. It’s directed to shareholders of the company where auditors give … Read more
What is Integrated Project Management and How to Implement Successfully?
Integrated project management is an approach that uses various tools and techniques to streamline processes and make them more effective. Instead of working on several … Read more
What is the “Waterfall Model” of Project Management?
‘’It helps teams stay focused on the big picture and break down a project into a series of smaller tasks’’. Every project has its unique … Read more
What is Agile Project Management and How to use it?
Agile project management involves incorporating the principles of agile software development into your day-to-day workflow. It’s not enough to just read about these principles; you … Read more
Tax avoidance vs tax evasion, important information for business owners
Despite their similarities, tax avoidance and evasion are not the same things. Avoiding taxes is not the same thing as evading taxes. The alternative approach … Read more
Cash vs. Accrual Accounting; what’s the Difference?
Before choosing an accounting approach for your business, you must know the primary differences between cash Vs accrual accounting. By recognizing their distinctions, you may … Read more
General ledger Vs Sub-ledger
Accounting accuracy is the foundation of organizational stability and development and that is why an accountant needs to know the difference between the General ledgers … Read more
What is the cost concept of accounting
Cost concept of accounting records assets at their respective cash values at the time of acquisition or purchase. The recorded value of the assets cannot … Read more
What is project accounting?
Expenditure, invoicing, and revenue are only some of the elements at the foundation of project accounting, which is a subset of general accounting. Project administrators … Read more
Time period assumption in accounting that you need to know
The accounting principle known as “time period assumption” says that time needs to be divided into distinct, consecutive periods and that accounting transactions can be … Read more
What is contingent consideration?
In the context of a business acquisition, contingent consideration refers to the obligation of the acquiring company to provide additional assets or equity interests to the … Read more
What is the prudence concept in accounting?
As per the prudence concept in accounting, a firm should not overestimate its revenues, assets, or profits, nor should it underestimate its obligations, losses, or … Read more
What is the objectivity principle?
According to the objectivity principle, financial and accounting data must be neutral and free of personal bias. This suggests that financial reporting, such as the … Read more
What is the consistency principle in accounting?
The consistency principle in accounting encourages accountants to prepare financial statements following the same accounting principles, techniques, practices, and procedures from one accounting period to … Read more
What is merchandise inventory?
Merchandise Inventory is the term frequently asked. Retailers, wholesalers, and distributors earn money by obtaining items from manufacturers or other suppliers and then marketing, or … Read more