The principles of Accounting Information System

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Accounting is known as the language of business because it record and reveal business information. The accounting profession has develo...
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Difference between Copyright & Franchise

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Copyright VS Franchise Copyrights are exclusive rights granted by the government to the author or the artist enabling him to publ...

FOB Shipping Point VS FOB Destination

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FOB Destination FOB Destination is the freight term indicating that the goods will placed free on board at the buyers place of busine...
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Similarities and differences among Depreciation, Depletion and Amortization

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Depreciation is the systematic and rational allocation of tangible and current asset cost over the periods benefited by the use of the...
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Define contingent liabilities. How and when should a contingent liability be recorded in the accounts?

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(a)     A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurren...

Physical Depreciation VS Functional Depreciation

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All plant/fixed assets, except land, depreciated. Factors that contribute to depreciation are physical and functional. Physical depreci...

How the cash flow statement may assists users of Financial Statement?

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Cash flow statement may assists users of financial statement in the following ways- A cash flow statement when used in conjun...

What is meant by team materiality in Financial Reporting?

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Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the finan...

The role of accountants in today's society

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When we think of accountants, we think of people in black suits armed with a calculator, surrounded by numbers and receipts. But what is ...
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The Importance of Cost Accounting

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Managers rely on cost accounting to provide an idea of the actual cost of processes, departments, operations or product which is the found...