Accounting Basics 2 min read
Golden Rules of Accounting
The Problem with Debit Credit Rules The system of debit and credit is right at the foundation of double entry…
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Author: Prabhu TL.
Prabhu TL is a SenseCentral contributor covering digital products, entrepreneurship, and scalable online business systems. He focuses on turning ideas into repeatable processes—validation, positioning, marketing, and execution. His writing is known for simple frameworks, clear checklists, and real-world examples. When he’s not writing, he’s usually building new digital assets and experimenting with growth channels.
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Accounting – Systems
There are two systems of accounting followed – ● Single Entry System ● Double Entry System Single Entry System Single entry system…
Accounting Basics 2 min read
Accounting – Classification of Accounts
It is necessary to know the classification of accounts and their treatment in double entry system of accounts. Broadly, the…
Accounting Basics 1 min read
Conservation or Prudence
It is a policy of playing safe. For future events, profits are not anticipated, but provisions for losses are provided…
Accounting Basics 1 min read
Convention of Materiality
If the disclosure or non-disclosure of an information might influence the decision of the users of financial statements, then that…
Accounting Basics 1 min read
Convention of Disclosure
The Companies Act, 1956, prescribed a format in which financial statements must be prepared. Every company that fall under this…
Accounting Basics 1 min read
Convention of Consistency
To compare the results of different years, it is necessary that accounting rules, principles, conventions and accounting concepts for similar…
Accounting Basics 1 min read
Objective Evidence Concept
According to the Objective Evidence concept, every financial entry should be supported by some objective evidence. Purchase should be supported…
Accounting Basics 1 min read
Accrual Concept
As stated above in the matching concept, the revenue generated in the accounting period is considered and the expenditure related…
Accounting Basics 3 min read
An Overview of Contracts and Why They are Important to Business and Society
Contracts govern all transactions whether they are between firms or between firms and private individuals. Indeed, in most of the…
Accounting Basics 6 min read
Need for a Theory of Accounting to Improve the Accounting Profession
Creative Accounting and the Need for a Theory of Accounting The rise of “creative accounting” practices, an euphemism for hiding some unfavorable…
consumer appliances 3 min read
Causes of Noise in Phase Locked Loop Circuits
A PLL is an electronic circuit that produces a replica of its input frequency using a feedback mechanism. Noise in…