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Understanding Basics

Unlocking the Fundamentals of Knowledge

Understanding Basics

Unlocking the Fundamentals of Knowledge

  • Accounting
  • Finance
  • Economics
  • Management
  • Audit
  • Statistics
  • Computers
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Subjects

  • Accounting
  • Finance
  • Economics
  • Management
  • Audit
  • Statistics
  • Computers
3. Accounting Principles

9. Revenue Recognition Principle

According to the revenue recognition principle, income must be recorded when it is generated rather...

3. Accounting Principles

12. Matching Principle

The matching principle, which requires revenues and costs to be recognised in the period in...

3. Accounting Principles

18. Comparability Principle

The comparability principle is an important accounting concept that states that financial statements must be...

3. Accounting Principles

20. Subsequent Events

Events that take place after the balance sheet date but before financial statements are released...

4. Business Combinations

6. Net Identifiable Assets

Net identifiable assets in economics refer to the value of a company’s physical assets, such...

4. Business Combinations

7. Consolidation Worksheet

Consolidation worksheet is a tool used in accounting and finance to combine the financial statements...

4. Business Combinations

9. Non-Controlling Interest

Non-controlling interest, also known as minority interest, refers to the ownership stake in a company...

5. Accounting Cycle

1. Accounting Cycle

The accounting cycle is the process of recording, classifying, and summarizing financial transactions to provide...

5. Accounting Cycle

2. Journal Entries

Journal entries are the first step in the accounting cycle and are used to record...

5. Accounting Cycle

3. Ledger Accounts

A ledger account is a record of financial transactions that relate to a specific asset,...

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Understanding Basics

Unlocking the Fundamentals of Knowledge

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