Category: Accounting Explanation
Difference Between Bookkeeping and Accounting
Definitions The part of accounting that is concerned with recording data is often known as bookkeeping – Frank Wood Bookkeeping is the daily operation of an accounting…
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6 Constraints of Accounting (Explained)
The six constraints of accounting are the cost-benefit principle, materiality principle, consistency principle, conservatism principle, timeliness principle, and industry practice. These principles aim at how financial information is…
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Monetary and Non-Monetary Items with Differences
Introduction Monetary items are those assets or liabilities whose value is fix in terms of a currency/money and can be easily convert into cash means it have high…
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Earnings Per Share (EPS)
Definition A measure of a company’s profitability is calculate by dividing quarterly or annual income (minus dividends) by the number of outstanding stock shares. {tocify} {$title=Table of…
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Accounting Standards: Definitions, Benefits, Limitations (Explained)
Definition Institute of Chartered Accountants of India (ICAI) “Accounting Standards mainly deal with four major issues of accounting, namely. Recognition of financial events. Measurement of financial transactions. Presentation…
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