Comparative Financial Statements – Meaning, Importance, and Example
Comparative Financial Statements, as the word suggests, are the statements that show the financial numbers of more than one year (consecutive periods) of an… Read Article
Financial Statements
Presentation of Financial Statements
Every entity needs to prepare and present its financial statements for the accounting year adopted by it. Presentation of financial statements means how an… Read Article
Changes in Accounting Policies – Reason, Disclosure, Exemption and Example
Changes in Accounting PoliciesEvery organization needs to follow the accounting rules and frame its own accounting policies. These policies are nothing but a well-thought-out… Read Article
Financial Reporting Framework – Meaning, Objectives, and Criteria
What do you Mean by Financial Reporting Framework?Financial Reporting Framework, as the word implies, provides a framework for financial reporting. This framework basically includes… Read Article
Accounting Policies – Meaning, Uses, Types, and Importance
What are Accounting Policies?Accounting Policies are internal rules, standards, and procedures that a company’s management lays down to guide them in the preparation of… Read Article
What is the Best Definition of Profit?
Profits are an integral part of every business. As an entrepreneur, the primary goal is to make the business profitable. Profits are important to… Read Article
Calculation of Liabilities from Balance Sheet
What do we mean by Liabilities in a Balance Sheet?A liability is something that a business has to pay to its stakeholders and third… Read Article
Debt vs Liabilities – All You Need to Know
Debt and Liabilities are two very crucial accounting concepts—even those who do not have an accounting or finance background use both terms regularly. In… Read Article
Multi-Step vs Single Step Income Statement – All You Need to Know
When it comes to preparing an income statement, the businesses have two options. The two options are a single-step income statement or a multi-step… Read Article
Multi-Step Income Statement
As the name indicates, a multi-step income statement shows multiple steps in Income Statement. To understand this concept in a better way, we have… Read Article
Calendarization – Meaning, Applications and More
Calendarization refers to the accounting process of standardizing the full financial statements of two or more different companies. This process aims to facilitate the… Read Article