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…
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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…
Accounting Basics 2 min read
Matching Concept
Matching concept is based on the accounting period concept. The expenditures of a firm for a particular accounting period are…
Accounting Basics 5 min read
Need for a Uniform and Common Theory of Accounting
The frequent attempts by experts and professionals on having a “theory” that would guide accountants all over the world is…
Accounting Basics 1 min read
Working Capital Cycle
Generation and disbursement of cash is carried out in the manner depicted by the following diagram:
Accounting Basics 1 min read
Gross Working Capital and Net Working Capital
Gross working capital means the investment in current assets, whereas the Net working capital means the difference of current assets…