INTERNATIONAL ACCOUNTING STANDARDS
International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC) and endorsed and amended by the International Accounting Standards Board (IASB). …
Ratios…………….
7. Return on Equity (ROE): Net Income / Shareholder’s Equity. 8. Asset Turnover Ratio: Net …
Ratios are……..
1. Gross Profit Ratio: (Revenue – Cost of Goods Sold) / Revenue. 2. Profit Margin Ratio: …
Accounting Convention
Accounting convention is a common practice or guideline used to address specific accounting issues not fully covered by formal accounting standards. Accounting conventions are: Conservatism: …
Accounting concepts
Accounting concepts are a company’s rules and guidelines to manage accounts that record financial transactions. These basic accounting concepts are: Business Entity Concept: The business entity …
Always remindable about Accounting Transaction
For Assets Increase in AssetsDecrease in Assets Dr.Cr. For Liabilities Decrease in LiabilitiesIncrease in Liabilities Dr.Cr. For Capital Decrease in CapitalIncrease in Capital Dr.Cr. For …
Accounting Quotes
“In the balance of life, accounting is the equilibrium that keeps everything in check.” – Olivia Martinez “Accounting is not just about counting beans; it’s …
Double Entry System
The double-entry system of accounting is a fundamental method used to record financial transactions. It was in 1494 that Luca Pacioli the Italian mathematician, first …