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A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life. However, the depreciation method used should reflect as fairly as possible the pattern in which the asset’s economic benefits are expected to be consumed by the entity. The four common methods … Read more
Long-term assets provide benefits to businesses over several years, therefore, it is not appropriate to recognize the total cost of such assets as an expense either in the year of acquisition or in the year of disposal. Recognizing periodic depreciation expense matches the cost of a non-current asset to the benefit earned from its use … Read more
Financial accounting is the cornerstone of any business, providing a structured approach to tracking and reporting financial information. It plays a pivotal role in decision-making, tax compliance, and assessing a company’s financial health. In this article, we will explore the key aspects of accounting, its importance, and best practices for effective implementation. Understanding Some primary … Read more
In the world of finance and business, accounting is the bedrock upon which every decision is made. Whether you’re a seasoned entrepreneur or just starting on your financial journey, understanding the three golden rules of accounting is crucial for sound financial management and success. Rule 1: The Golden Rule of Assets = Liabilities + Equity … Read more
Bookkeeping is the backbone of any successful business. it is the systematic process of recording, organizing, and tracking a company’s financial transactions. In this article, we’ll explore the ins and outs of bookkeeping, why it’s essential, and how to get started on the right foot. Understanding Bookkeeping Bookkeeping is often seen as a mundane task, … Read more
IAS 1 Presentation of Financial Statements prescribes the basis for the presentation of general purpose financial statements to ensure comparability with the entity’s financial statements of previous periods and other entities’ financial statements. It sets out overall requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content. General … Read more
Financial statements are reports of an entity to provide its stakeholders with the necessary information for their decision-making needs. The term entity is used to describe any type of organization for which we do accounting e.g. a business, a company, a bank, a charity organization. The objective of financial reporting is to provide financial information … Read more
A trial balance is a memorandum listing all account balances as an internal check on the mathematical accuracy of double-entry bookkeeping. It has two columns, debit and credit, and these two columns should be equal to each other indicating there is no arithmetical error. A list of balances is made from the ‘Receivables Ledger’ and … Read more
Financial statements are reports of an entity to provide its stakeholders with the necessary information for their decision-making needs. The term entity is used to describe any type of organization for which we do accounting e.g. a business, a company, a bank, a charity organization. Financial statements relate to a given period of time, known … Read more
Annuities are powerful financial instruments that can provide a steady stream of income during retirement or other stages of life. Understanding the different types of annuities and how to calculate them is crucial for making informed financial decisions. In this article, we’ll delve into annuities, explore their various forms, and explain the methods for calculating … Read more