An association of two or more persons or we may say temporary partnership combined for…

Due to increasing size of market, it is quite obvious that manufacturers or whole sellers…

The purpose of preparing a financial statement is not only to know the net income…

The Institute of Chartered Accountant of India as per Accounting Standard-2 (Revised) defines inventory as the assets…

Essentials of Bills of Exchange Following are the essentials of a bill of exchange −…

One of the most significant accounting concepts is “Concept of Income”. Similarly, measurement of a…

Meaning of Provisions “Any amount written off or retained by the way of providing depreciation…

Final Accounts are the accounts, which are prepared at the end of a fiscal year.…

One of the major aspects of preparing a correct financial statement is to distinguish revenue…

Financial accounting deals with recording and maintaining every monetary transaction of an organization. However, sometimes,…