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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). …

12. Operating Margin:                       Operating Income / Revenue. 13. Earning Per Share:          …

7. Return on Equity (ROE):                  Net Income / Shareholder’s Equity. 8. Asset Turnover Ratio:                     Net …

1. Gross Profit Ratio:                 (Revenue – Cost of Goods Sold) / Revenue. 2. Profit Margin Ratio:             …

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 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 …

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 …

“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 …

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 …