- Financial Accounting Concepts
Classification of Accounts in Bookkeeping
The journal is the primary record book. All entries are made chronologically; that is when they occur. Transactions in the journal are documented using solely d
- Financial Accounting Concepts
How to Prepare Profit and Loss Account?
A profit and loss account, also known as the income statement or statement of revenues and expenses, is prepared to ascertain the profit earned or losses s
- Financial Accounting Concepts
What are Coverage Ratios – Meaning and Calculation
A coverage ratio is a measure of relative financial exposure to a specific contingent liability. The primary purpose is to quantify the ratio of net current ass
- IND ASs
List of Indian Accounting Standards (IND ASs)
The Indian Accounting Standards (IND-AS) are a set of accounting standards notified by the Ministry of Corporate Affairs, Government of India. IND-AS are based
- IFRS
Why should India adopt IFRS?
IFRS (International Financial Reporting Standards) is a set of accounting principles that are used globally for financial reporting. The main objective of IFRS
- Financial Accounting Concepts
What is Financial Statement Analysis?
The term ‘financial statement analysis‘ refers to determining the firm’s financial position by reviewing and analysing the balance sheet items, profits an
- Financial Management
Tips to Consider While Buying Used Tow Trucks for Your Business
There are so many tow trucks available on the market. Therefore, it is challenging for business owners to select the types that will greatly impact the fleet. B
- Accounting Regulatory Bodies
What are the Various Objectives and Functions of FASB?
The Financial Accounting Standard Board (FASB) was founded in 1973 as an independent, private-sector, not-for-profit organisation. It establishes accounting pri
- Corporate Accounting
The Infamous Enron Accounting Scandal
In the late 1990s, Enron was one of the largest companies in the United States. It was an energy company with a high-flying stock price and a reputation for bei
- Financial Accounting Concepts
The Meaning of Consignment Accounting
Consignment refers to selling the goods manufactured by a company through an agent. This sales method is especially popular among businesses located abroad who