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Financial Accounting – Inventory Valuation
The Institute of Chartered Accountant of India as per Accounting Standard-2 (Revised) defines inventory as the assets…
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Bills of Exchange and Promissory Notes
Essentials of Bills of Exchange Following are the essentials of a bill of exchange −…
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Measurement of Business Income
One of the most significant accounting concepts is “Concept of Income”. Similarly, measurement of a…
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Provision and Reserves
Meaning of Provisions “Any amount written off or retained by the way of providing depreciation…
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Financial Accounting – Final Accounts
Final Accounts are the accounts, which are prepared at the end of a fiscal year.…
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Financial Accounting – Capital and Revenue
One of the major aspects of preparing a correct financial statement is to distinguish revenue…
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Financial Accounting – Rectification of Errors
Financial accounting deals with recording and maintaining every monetary transaction of an organization. However, sometimes,…