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
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
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
‘’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
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
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
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
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
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
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
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