Posted inFinancial Accounting
Accounting
WHAT IS ACCOUNTING? Accounting is the process of systematically recording, measuring, and communicating information about financial…
Posted inFinancial Accounting
Generally Accepted Accounting Principles (GAAP)
WHAT IS GAAP Generally Accepted Accounting Principles (GAAP) is a framework of accounting standards, rules and procedures defined by the…
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International Accounting Standards Board
The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. The…
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What is the FASB (Financial Accounting Standards Board)?
Definition: The Financial Accounting Standards Board or the FASB is an organization created to establish…
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What is Financial Accounting?
Financial accounting is the process of preparing financial statements that companies’ use to show their…
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Financial Accounting – Royalty Accounts
Royalty is payable by a user to the owner of the property or something on…
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Financial Accounting – Voyage Accounting
To know the financial results of a marine business, voyage accounting is prepared. Voyage account…
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Departmental Accounting
Departmental stores have many types of stores under a single roof, for example one departmental…
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Financial Accounting – Contract Account
Contracts are undertaken to customer’s requirements, which is generally of constructional. For example, construction of…
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Government Accounting
Government accounting is a scientific procedure of collecting, classifying, recording, summarizing, and interpreting all the…