Posted inFinancial Accounting
Financial Accounting – Leasing
In the field of real estate, leasing is a popular term because it is advantageous…
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Financial Accounting – Single Entry
As we know, there are two systems of recording transactions in our books of accounts.…
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Financial Accounting – Non-Trading Accounts
Some of the organizations or institutions are constituted to provide valuable services to the society…
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Financial Accounting – Joint Venture
An association of two or more persons or we may say temporary partnership combined for…
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Financial Accounting – Rectification of Errors
Financial accounting deals with recording and maintaining every monetary transaction of an organization. However, sometimes,…
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The Necessity of Adopting a Cost Flow Assumption
Question: In the coverage of financial accounting to this point, general standardization has been evident. Most…
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Determining Inventory on Hand
Question: In a periodic inventory system, a physical count is always taken at or very near…
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Reporting Inventory at the Lower-of-Cost-or-Market
Question: In the example of Rider Inc., Model XY-7 bicycles have been bought and sold and…
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Cost of Goods Sold – COGS
What Is Cost of Goods Sold – COGS? Cost of goods sold (COGS) refers to…
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Perpetual and Periodic Inventory Systems
Question: In an earlier chapter, differences between a perpetual inventory system and a periodic inventory system…