Accounting Standards and IFRS
by Meaning of Accounting Standards: In order to ensure transparency consistency, comparability, adequacy and reliability of financial reporting, it is essential to standardize the accounting principles and policies, …
Tag: Expense Reporting
Overview to Depreciation (Straight Line and Diminishing Method)
Depreciation is the systematic reduction of the recorded cost of a fixed asset. Examples of fixed assets that can be depreciated are buildings, furniture, and …
Deduction in Tax
1. Section 80C Deductions on Investments You can claim a deduction of Rs 1.5 lakh your total income under section 80C. In simple terms, you can …
Book Keeping and Accounting
Key differences between Book Keeping and Accounting
Compound Journal entries, Opening entry
Compound Journal entries: Compound Journal entries involve multiple accounts being debited or credited within a single journal entry, rather than just two. These entries are …
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