Revaluation Reserve: MeaningA company creates Revaluation Reserve to reflect an asset’s true value. It is a non-cash reserve that reflects the true value of… Read Article
What is Revaluation Surplus?Revaluation Surplus is an equity account where all upwards adjustments in the value of a company’s assets are systematically recorded. Some… Read Article
What is a Not for Profit Organization?A not-for-profit organization, as the word suggests, does not focus on earning profits. Instead, social welfare or charity… Read Article
What is the Full Disclosure Principle?The Full Disclosure Principle, as the word suggests, means that a company should disclose all relevant information in its… Read Article
Accounting Conservatism PrincipleAccounting conservatism refers to the bookkeeping and accounting guidelines that call for following conservative accounting practices. These guidelines help firms avoid overestimating… Read Article
In the financial world, the often-repeated most commonly used words are bookkeeping and accounting. These terms are though very common but are of utmost… Read Article
Going Concern Concept: Meaning Going Concern Concept (or Going Concern principle) states or assumes that a business will continue to operate indefinitely. Or till… Read Article
Adjusted Trial Balance: Understanding the ConceptAdjusted Trial Balance is an internal document that lists the closing balance of all ledger accounts after making certain… Read Article
Every entity needs to present the cash flow statement as part of its Annual Accounts/Reports. The Cash Flow Statement consists of three sub-statements. And… Read Article