10 Basic Accounting Principles & Key Assumptions 2019 GAAP Guide The historical cost provides a reliable and verifiable basis for financial reporting, ensuring consistency and objectivity. While market values of assets may change over time, the historical cost principle maintains that the cost at the time of acquisition is the most relevant measure for financial […]

What are the accounting principles, assumptions, and concepts? If a business is not a going concern, it must report assets and liabilities differently, often at lower values. This principle supports using methods like depreciation and amortization, which rely on the business continuing to operate. The IASB issues the International Financial Reporting Standards (IFRS), accounting standards […]

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The Crafty Teacher: Make Your Own Worry Dolls or Toothpick People Pension arrears, gratuity arrears, and salary arrears all qualify for Section 89(1) relief if they increase your tax liability. Filing Form 10E online before submitting your ITR is mandatory to claim Section 89(1) relief on salary arrears. Arrears are calculated by comparing old vs […]

Paid in Arrears: Understanding the Payment Term This includes timely reporting and payment of payroll taxes to avoid any penalties for late payments. Companies choose to pay in arrears for several strategic and practical reasons. This approach to handling payments, especially regarding payroll and vendor services, offers various benefits and aligns with different business needs. […]

Paid In Arrears: Definition, Pros & Cons Arrears can also mean healthy cash flow since the payment arrangement allows time and flexibility. Companies can manage cash flow by accruing the cash for later payments, earning interest before it is paid out. Salary arrangements like arrears have to be established with data and market insights to […]

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Getting retail software integrated with an accounting system is essential for keeping your shelves stocked with the right products at the right time, ensuring smooth and profitable operations. While it’s not traditional number-crunching, a retail management system plays a key role in maintaining a well-run store. They provide support for products and services, and have […]

Dual aspect concept of accounting definition, explanation, examples, benefits The reconciliation of accounts and periodicfinancial statements ensures that errors and discrepancies can be identifiedand rectified promptly. This internal control mechanism helps prevent fraud,mismanagement, and inaccuracies in financial reporting. The dual aspect principle is not just a rule for the sake of structure—it’s a vital mechanism […]

Dual Aspect Concept in Accounting: Equation, Implications & More In simple words, the dual aspect concept notices how every single transaction ends up affecting two accounts. For example, A takes a loan of $100 from his friend B through internet banking. The Dual Aspect Concept contributesto transparency by providing a systematic framework for recording financialtransactions. […]