Accounting

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

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

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

What is meant by Recurring Expense? Recurring expense is also known as recurring costs as the name suggests are repeating expenses. They are brought about … Read more