Investment
How cloud accounting solutions are becoming more beneficial for small businesses?
Cloud computing is a concept that has been commonly used over the last few years. With its exponential growth in data use, it has transformed society into the digital 21st century. Now maintaining all of the sensitive information, systems, and ...
International Financial Reporting Standards (IFRS)
The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued ...
What is the impact of COVID-19 on financial statements?
The world has turned upside down in the last few weeks with the impact of COVID-19 spreading to businesses and people globally. Who would have imagined this at outset of the decade? Bill Gates said in his 2015-TED talk "If anything kills over 10 ...
Will technology replace accountants in the near future?
In recent years technology has evolved at a much rapid pace, so fast that it has almost gained a life of its own. Technology has been making continuous advancements in each & every field including our very own Profession of Accounting. During its ...
COVID-19 Impact on Newspaper Industry
Facts about Indian Newspaper Industry The first newspaper in the country was started in 1780 by the British and was known as Hicky's Bengal Gazette. From a little over 200 dailies published in the post-independence India, to over 100,000 registered ...
What are Bonds Payable in India?
What are bonds payable? Bonds payable are a form of long term debt usually issued by corporations, hospitals, and governments. The issuer of bonds makes a formal promise/agreement to pay interest usually every six months (semiannually) and to pay ...
What is manufacturing overhead and what does it include?
What is manufacturing overhead and what does it include? Manufacturing overhead (also known as factory overhead, factory burden, production overhead) involves a company's manufacturing operations. It includes the costs incurred in the manufacturing ...
What is Activity Based Costing?
What is Cost Accounting? Cost accounting is involved with the following: Determining the costs of products, processes, projects, etc. in order to report the correct amounts on a company's financial statements, and Assisting management in the planning ...
What is the Cash Flow Statement?
What is the cash flow statement? The cash flow statement is one of the main financial statements of a business or a nonprofit entity. (It is also known as the statement of cash flows.) The cash flow statement reports a company's major sources and ...
What are Adjusting Entries in Accounts?
What are adjusting entries? Adjusting entries are usually made on the last day of an accounting period (year, quarter, month) so that a company's financial statements comply with the accrual method of accounting. In other words, the adjusting entries ...
What is a balance sheet and why is it prepared?
What is a balance sheet, and why is it prepared? The balance sheet is prepared to report an organization's financial position at the end of an accounting period. A corporation's balance sheet says its: Assets (resources that were acquired in past ...
How the Income Statement Amounts are Calculated
What is income statement? The income statement is also known as the statement of operations, profit and loss statement, and statement of earnings. It is one of a company's main financial statements. The purpose of the income statement is to report a ...
What is bank reconciliation & how is it made?
What is bank reconciliation? A bank reconciliation is a process performed by a company to ensure that its records (check register, general ledger account, balance sheet, etc.) are correct. This is done by comparing the company's recorded amounts with ...
Difference between a Book-Keeper & an Accountant
What is Bookkeeping? Bookkeeping includes the recording, storing and retrieving of financial transactions for a business, nonprofit organization, individual, etc. Example: Typical financial transactions and tasks that are involved in bookkeeping ...