Journal Entries For Royalty Payments

Posted by Ana Orwel on Monday, May 11, 2009

Journal entry is the first entry for every financial transactions occurring in a business firm. The entries that are made in the journal record all the transactions in a chronological order and maintain the details of [...]


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Obsolete Inventory In Financial Statement

Posted by Ana Orwel on Tuesday, April 28, 2009

Obsolete inventory or dead inventory means the inventory that has reached near the end of the product life cycle, but has not been sold or used in the given time bracket set by the industry.
These inventories [...]


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How Useful Is Fair Value Accounting?

Posted by Ana Orwel on

Fair value accounting basically means to record the transactions at its fair value and not at the value which does not reflect the real situation of the financial position of business.
So how useful is fair value [...]


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Accounting Internal Cash Controls

Posted by Ana Orwel on

Accounting internal cash controls are one of the main tasks which the accountant has to perform to control cash the business posseses.
There are many methods by which this task can be performed. One of the challenges [...]


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Accounting Accruals Articles

Posted by Ana Orwel on

Accrual method of accounting analyses the position and performance of a company irrespective of the cash transactions that take place. In this method the expenses and revenues of a company are compared irrespective of whether the payments [...]


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Basic Accounting Concepts

Posted by Ana Orwel on Thursday, February 19, 2009

In order to understand the accounting, one needs to have a sound knowledge of the following basic accounting concepts:
1) Debits and Credits- This is one of the first thing that one learns before even starting it out with accounting. It is very important to learn which transactions are to be classified under each.
2) Assets and [...]


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