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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 – 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…