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
Is retained earnings an asset?
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
What is depreciation in accounting?
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
What is the full disclosure concept principle in accounting?
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 in accounting
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
bond retirement Journal Entry
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