Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Why internal control is necessary for accounting system
Internal control procedures in accounting are the policies and procedures implemented by a company to ensure the reliability of financial reporting, safegu
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What is the Revenue Recognition Principle?
The revenue recognition principle directs a business to recognise revenue in the period in which it is earned; revenue is not considered earned until a pro
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What is Accounting Information System?
Today, when we refer to an accounting information system (AIS), we typically imply a computerised accounting system, as computers and computer software tha
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Top 10 Accounting Software for Indian Businesses
If you are an owner of a small business or a self-employed individual, then you must know that accounting can be a real pain. Keeping track of your finance
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Top 10 Accounting Software | Cloud and Desktop
There is accounting software out there that claims to be the best. Some of them are even more than software and include other services such as online accou
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ECO-14 Accountancy II – Solved IGNOU Assignment
Assignment Code: ECO-14/TMA/2021-22 What are the different types of branches? Explain various methods of keeping branch accounts in the books of the Head O
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What is an Income Statement? Components and Elements
An income statement is a financial statement that shows a company’s revenues and expenses for a specific period of time. The Income Statement analyse
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What is the Statement of Retained Earnings?
Statement of Retained Earnings The Statement of Retained Earnings reconciles the Retained Earnings account from the beginning to the finish of the fiscal y
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Some Basic Accounting Questions You Should Be Aware of
General Accounting Concepts If you are an accounting student, these questions must be helpful in ensuring that you know basic accounting concepts. 1. In bu
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What are Contingent Assets and Contingent Liabilities?
Contingent Assets Contingent assets are those in which the likelihood of economic profit depends completely on future occurrences that cannot be controlled