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What is Income Statement?
Tweet Simply a statement showing income, expenses, and profit or loss of firm is called income statement. In technical terms it is a financial statement presenting income earned during a…
CIPPA – Constant Item Purchasing Power Accounting
Tweet Constant Item Purchasing Power Accounting (CIPPA) is the International Accounting Standards Board’s basic accounting alternative authorized in International Financial Reporting Standards in the Framework for the Preparation and Presentation…
What is Balance Sheet/Statement of Financial Position
Tweet Balance sheet is the statement of financial position of a company. It depicts the financial position (sound or weak) of a company on a specific date. The basic concept…
GAAP / International Financial Reporting Standards
Tweet Generally Accepted Accounting Principles (GAAP) is an international recognized and accepted concept of standard framework and rules to ensure uniform financial reporting across the globe. GAAP is the general…
Financial Reporting Standards
Tweet Financial reporting standards are periodically issued by International Financial Reporting Standard Board. These standards are meant to ensure uniformity in financial reporting to protect the interests of the investors…
What is Accountant?
Tweet In history landlords used to appoint a literate person to write their financial information and to maintain accounts of their customers. The reason behind was that landlords himself were…
Fair Value Accounting
Tweet Assets are shown in the balance sheet at the historical cost i.e. cost at which they were acquired. But it is not the case always that the assets presenting…
Matching Principle
Tweet According to the matching principle of accounting expenses of the same period must be compared to or deducted from the income of that period to ascertain profitability. It is…
BookKeeping
Tweet Bookkeeping is the recording of financial transactions such as sales, purchases, receipts, and payments. The person liable to record is named as book keeper or accounting clerk. Book keeper…
Bank Reconciliation
Tweet A statement of reconciling the balances between bank book and bank statement is called bank reconciliation statement. Bank book is maintained by the customer or account holder in his/her…
