Dual Aspect Concept – Accounting is a language of the business. Financial statements prepared by the accountant communicate Financial information to the various stakeholders for

Accounts and its Classification (Accounts Classification): The business transactions are recorded in accounts. An account is an individual record of a person, firm, or thing, an

Rectification of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of the trading year. But despite the

Ind AS 19, Employee Benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of

Ind AS 12, Income Taxes: Ind AS 12 prescribes the accounting treatment for income taxes. For this Standard, income taxes include all domestic and foreign

Ind AS 34, Interim Financial Reporting: The objective of Ind AS 34 is to prescribe the minimum content of an interim financial report and to

What are IASB, FASB, IFRS, Ind AS, and US GAAP? Every individual performs some kind of economic activity. A salaried person gets a salary and

Accounting for Not for Profit Organisations, CheckAccounting for non-profit organizations, A Not for Profit Organisation prepares their financial statements in the following form: Generally, such

Bills of Exchange and Promissory Notes. Check the Difference Between Bills of Exchange and Promissory Notes. Key Difference Between Promissory Notes and Bills of Exchange.

Features of the Ledger Account: After recording the transactions in the journal, recorded entries are classified and grouped by preparation of accounts. The book which

Difference Between Convertible and Non-Convertible Debentures: Check What is the Difference Between Convertible and Non-Convertible Debentures. Debentures are long-term debt instruments issued by various institutions

Users of Accounting Information: Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, etc. are

Capital and Revenue Expenditure and Deferred Revenue Expenditure. Find Everything You want to know about Capital and Revenue Expenditure. Complete Guide of Capital and Revenue

Ind AS 28, Investments in Associates and Joint Ventures: The objective of Ind AS 28 is to prescribe the accounting for investments in associates and

Material Requisition – Meaning, Procedure, and Problems. Meaning of Material Requisition, Everything you want to know about Material Requisition. Material requisition may seem like a

What is Debit and credit explained with an accounting equation? We often come across the words Debit and credit in many situations like while reading