Year: 2017
- Financial Accounting Concepts
Accounting Policies, Selection and Changes in Accounting Policies
Accounting Policies Accounting policies are the specific policies and procedures used by a company to prepare its financial statements. These include the method
- Financial Accounting Concepts
What is the Accrual Concept in Financial Accounting?
The accrual concept is an accounting method used to record revenue and expenses when they occur rather than when they are paid. This means that revenues and exp
- IFRS
What Are the Differences between IFRS and GAAP?
GAAP stands for Generally Accepted Accounting Principles and is used in accounting and financial reporting worldwide. IFRS stands for International Financial Re
- Cost Accounting
What are various types of sales variances in cost accounting
Sales variance can be defined as the difference between the standard or expected revenue and the actual revenue. It is different from cost variances because cos
- Cost Accounting
What is the Budget Period in Accounting?
A budget is a quantitative future plan that helps an organisation coordinate its actions. Large organisations all have a budget. Numerous companies produce deta
- Financial Accounting Concepts
What is the Ledger and its purpose in Bookkeeping?
The ledger is the principal book of the accounting system. After we have finished part of recording the transactions in the Journal, the next part of the accoun
- Financial Accounting Concepts
Jalani Distributors sold three light commercial vans
Jalani Distributors sold three light commercial vans to Jain Enterprises on January 1, 2017, on hire purchase system. The price of each van was Rs. 90,000 payme