Articles on Financial Accounting

Financial Accounting includes recording, summarizing, reporting and analyzing financial data. Lets understand the important concepts of accounting in detail.

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A short history of financial accounting will help us to understand how the accounting system evolved. Lets discuss the history of accounting and different types of accounting systems.

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Accounting is referred as the language of the business, but it has some limitations also. The article lists down the major limitations of accounting.

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Accounting data is used by a various users for a wide variety of purposes. The article discusses in detail about the different users of accounting information.

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The entity concept is one of the most basic and important concepts of financial accounting. As per the entity concept the business is considered as an independent entity which is separate from its owner.

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The legal form of a business determines what type of entity it is. Lets discuss the various types of business entities and their relevance to accounting.

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All accounts within the organization can be split into 3 types - personal account, real account and nominal account. Lets discuss them in detail.

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Golden rules of accounting convert complex book-keeping rules into a set of well defined principles which can be easily studied and applied.

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Cash Basis of Accounting uses receipts and payments to record income and expenses whereas accrual basis of accounting, recognizes income when it is earned and expenses when they are incurred. Lets find out difference between the cash and accrual basis of accounting.

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Single entry accounting system records only one side of each and every transaction. Lets understand the the drawbacks of single entry system in detail.

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Double entry system of bookkeeping has lot of advantages as compared to the single entry system. In a double entry bookkeeping system there are two sides of each and every transaction.

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The accounting profession has always been under scrutiny because they deal with sensitive and confidential financial information and hence they are expected to be diligent and honest when it concerns the certification of company accounts and auditing the balance sheets and income statements of the firms that they audit. This article examines the prevalence of various accounting theories and the evolution of the accounting profession in the period starting from the early 20th century till the present decade. The emphasis throughout the article would be on evaluating why there was no consensus within the accounting profession when it concerned the application of a standard theory.

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The accounting profession has always been under scrutiny because they deal with sensitive and confidential financial information and hence they are expected to be diligent and honest when it concerns the certification of company accounts and auditing the balance sheets and income statements of the firms that they audit.

This article attempts to evaluate the reasons for the lack of a theory of accounting by examining the prevalence of various accounting theories and the evolution of the accounting profession in the period starting from the early 20th century till the present decade. The emphasis throughout the article would be on evaluating why there was no consensus within the accounting profession when it concerned the application of a standard theory.

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This article provides a brief overview of what contracts are and what the wording in the definition means for each party as well as the nature of the contracts. The key theme in this article is that while contracts are necessary and even essential for smooth running of firms and society, the selection of arbitration and arbitrators are very important for enforcing the contracts in case of noncompliance by either or both parties.

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This article explains how the quarterly capitalism culture has had an adverse effect on the long term profitability of several organizations. The causes that have led to this as well as the after effects have been listed down.

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Impact Investing is the trend where the profit motive of finance meets the collective good of the people. Though finance and capitalism are geared towards improving societal outcomes, in recent years, risky speculation has taken over leading to inequalities and Casino Capitalism. Impact Investing ensures that the investors profit from social causes thereby leading to a win-win situation for everyone. This article examines these aspects from multiple perspectives.

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