A double entry system of accounting was devised with the concept that each transaction has dual effect. Two effects of…
Cash basis of Accounting In cash basis of accounting the prevailing concept is that transactions will be entertained on the…
When does revenue should be recognized in the books of accounts? The answer to this question is covered in IAS…
Cost accounting is a subject dealing with the appraisal of overall costs in producing and selling the goods or rendering…
The belief in LIFO costing method is based on the assumption that material issued to manufacturing department should carry the…
Conventional financial statements i.e. income statement and balance sheet do not give true picture of the cash flows of the…
Average a simple but important tool for decision making which is used by almost every individual, businessman, and even institutions…
First in first out is the method of inventory valuation. As the name implies under FIFO method the first unit…
Accounting is called the language of business, in which different jargons are used for each concept. Depreciation is one of…
The accounting method used by most of the companies is double entry bookkeeping. To explore the benefits of double entry…