Category: Provision in Accounting
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Bookkeeping vs. Accountancy
Introduction Bookkeeping vs. Accountancy Bookkeeping vs. Accountancy, In the realm of finance, two vital pillars stand tall: bookkeeping and accountancy. While often used interchangeably, these terms hold distinct roles in managing financial affairs. In this comprehensive guide, we will delve into the unique attributes of bookkeeping and accountancy, shedding light on their differences and highlighting…
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Provisions in Accounting
Meaning of Provisions in Accounting Meaning of Provision in Accounting, Some business charges run like clockwork. You know exactly when your installation’s rent payment will be due and how important you’ll need to pay. Other future charges, while necessary, involve some position of the query. For illustration, you can estimate the chance of guests that…
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Income Tax in India
Meaning of Income Tax in India Income Tax in India, Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857…
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Financial Statements of a Company
Meaning of Financial Statements Financial statements of a Company are the introductory and formal periodic reports through which the commercial operation communicates fiscal information to its possessors and other external parties which include investors, duty authorities, government, workers, etc. These typically relate to (a) the balance distance ( position statement) at the end of the…
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Operating Costs in Accounting
Meaning of Operating Costs in Accounting Operating costs in Accounting are the charges that are related to the operation of a business, or to the operation of a device, element, piece of outfit, or installation. They’re the cost of coffers used by an association just to maintain its actuality. Services performed may be internal or…
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Methods of Costing in Accounting
Methods of Costing in Accounting Methods of Costing in Accounting or Value Accounting is a department of accounting that offers recording classifying and suitable allocation of expenditure to decide the value of products and services. After figuring out the value you possibly can restore the earnings margin and additionally restorative the promoting charge. In this…
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Profitability Accounting Ratios
What are Profitability Accounting Ratios? The profitability accounting ratios or fiscal performance are substantially summarized in the statement of profit and loss. Profitability rates are calculated to assay the earning capacity of the business which is the outgrowth of the utilization of coffers employed in the business. There’s a close relationship between the profit and…
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Dissolution of Partnership Firm
Dissolution of Partnership Firm, In such a situation, while the prevailing partnership is dissolved, the firm may continue under an equivalent name if the partners so decide. In other words, it’s the outcome of the dissolution of a partnership but not that of the firm. As stated by Section 39 of the Partnership Act 1932,…
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