TaxTutoria
The Accounting Equation and How Transactions Impact It
The Accounting Equation Let’s explore the accounting equation, which ensures that all business accounts remain balanced. We'll break down...
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Practical Accounting Training Classes
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TaxTutoria
4 min read
Accounting Vouchers and Source Documents
The accounting process begins with the initiation and analysis of business transactions. Every transaction must be supported by...
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TaxTutoria
3 min read
Economic Activity and Accounting
Understanding economic activities is essential before diving into the basics of accounting. Accounting, as a discipline, is developed to...
20
TaxTutoria
2 min read
Accounting System and Its Key Components
An accounting system involves a series of processes and activities that allow businesses and organizations to track, manage, and analyze...
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TaxTutoria
2 min read
Accounting as a means of communication
Accounting plays a crucial role as a communication tool in the business world. Much like a language facilitates communication among...
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TaxTutoria
3 min read
The Process of Recording Business Transactions in Accounting
The accounting process begins with the origin of business transactions and is followed by the analysis of such transactions, and is...
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TaxTutoria
3 min read
Accounting Standards: AS, Ind AS, and IAS
Accounting standards establish guidelines and benchmarks for accounting practices, ensuring consistency and common techniques across...
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TaxTutoria
2 min read
Generally Accepted Accounting Principles (GAAP)
To promote uniformity and consistency in accounting records worldwide, specific rules and principles have been developed and widely...
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TaxTutoria
2 min read
Convention of Conservatism
The Convention of Conservatism, also known as the prudence concept, is an essential accounting guideline advising that the lower of two...
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TaxTutoria
1 min read
Convention of Materiality
The convention of materiality emphasizes that financial statements should include only material facts—those that are important and...
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TaxTutoria
2 min read
Convention of Full Disclosure
The convention of full disclosure requires that all important and relevant facts related to financial statements be fully revealed. This...
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TaxTutoria
2 min read
Convention of Consistency
The convention of consistency dictates that the same accounting principles should be applied when preparing financial statements from one...
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TaxTutoria
2 min read
Matching Concept
The matching concept asserts that revenue and the expenses incurred to earn that revenue must be recorded in the same accounting period....
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TaxTutoria
2 min read
Accrual Concept
The Accrual Concept, also known as the Periodicity Concept and Mercantile Accounting System, is a fundamental principle in accounting. It...
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TaxTutoria
1 min read
Realisation Concept
The Realisation concept dictates that revenue from business transactions should only be recorded in the accounting records when it is...
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TaxTutoria
2 min read
Dual Aspect Concept
The dual aspect concept is a fundamental principle in accounting that underpins the recording of business transactions. This concept is...
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TaxTutoria
1 min read
Accounting Cost Concept
The accounting cost concept dictates that assets are recorded in the accounting books at their purchase price, which includes...
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TaxTutoria
1 min read
Accounting Period Concept
The accounting period concept involves recording all transactions in the books of accounts with the understanding that profits will be...
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TaxTutoria
1 min read
Going Concern Concept
The going concern concept states that a business will continue its operations indefinitely. In essence, it assumes that a business entity...
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TaxTutoria
2 min read
Money Measurement Concept
The money measurement concept stipulates that all business transactions must be expressed in monetary terms, using the currency of the...
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TaxTutoria
2 min read
Business Entity Concept
The business entity concept establishes that, for accounting purposes, the business and its owners are considered separate entities. This...
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TaxTutoria
1 min read
Accounting Concepts and Conventions
Accounting principles and practices are essential for maintaining consistency and clarity in financial records. These principles, known...
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TaxTutoria
1 min read
Understanding of Various Accounting Terms
We have learned the basics of accounting, including the key differences between bookkeeping and accounting, the objectives of accounting,...
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TaxTutoria
2 min read
Fundamental and Qualitative Characteristics of Accounting Information
Financial statements must exhibit two fundamental characteristics: truth and fairness. An auditor must attest whether, in their opinion,...
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