Statement of changes in equity (All you need to know)
This statement helps to understand the wealth of the company owner and how it has changed in the years under consideration. Mainly, there are three … Read more
This statement helps to understand the wealth of the company owner and how it has changed in the years under consideration. Mainly, there are three … Read more
ECL or expected credit loss model is applied to accounts receivables. In simple words, it’s a modern approach to expect provision and apply it to … Read more
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
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
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
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
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
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
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
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
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
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
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
It is the most frequent question being asked by accounting learners, “Is retained earnings an asset?” Typically, retained earnings reflect a corporation’s earnings from its … Read more
Depreciation in accounting is when you make a proportion of the depreciable amount and charge it in the income statement. The proportion is calculated by … Read more
Objective Full disclosure is an accounting concept to ensure the financial statement user gets all the relevant information. Definition This concept requires a business to … Read more
Accounts payable is the balance that needs to be paid to the vendors/suppliers. It’s a credit balance in the balance sheet of the company. Following … Read more
The accounting for bond retirement is based on the principles of liability. In simple words, if the bond is retired, liability is removed from the … Read more
Accounting is one of the hardest aspects of corporate management. The intricacy of the accounts used to classify money movement is only one of the … Read more
A post-closing trial balance is a statement that is a statement of all balance sheet accounts having a balance of greater than zero at the end … Read more