Our Blog
Welcome to our blog! Here, you can find the useful articles related to accounting, audit, finance and tax.
Capital Leases – Accounting Treatment and Example
Under the Generally Accepted Accounting Principles(GAAP) and Financial Accounting Standards Board(FASB), leases are treated as a special kind of liabilities. In general, the lease is kind of a rental agreement between two parties. The lessor gives the lessee right to...
Accounting For Construction In Progress – Explained
A construction company might come to your mind by reading the phrase “Construction In Progress.” Indeed, construction in progress accounting is mostly used by construction firms. Besides business dealing in building huge fixed assets, also use construction in progress...
Beyond Budgeting – Overview, Definition, Principle, And More
Overview Budgeting and Monitoring tend to be an increasingly important part of all organizations, regardless of their size and functionality. It helps to give numerous valuable insights regarding the company, and what needs to be done in order to ensure that there are...
Cost Accounting – Types, Example, Advantages, and More
What is Cost Accounting? Cost Accounting is referred to as a branch of managerial accounting, which mainly aims to encapsulate all costs within a company, by assessing variable costs along with each step of production. It is considered to be a metric that helps...
Provision for Income Tax – Definition, Example, and How to account for over/under-provision?
Definition Taxation is often assumed to be a cumbersome task by almost all businesses. This is primarily because of the fact that there are numerous different factors that need to be inculcated in order to ensure that tax calculation is executed in a proper manner....
Government Funds – Definition, Types, and Accounting Treatment
Definition Government accounting is far more complex as compared to normal accounting that is carried out by businesses. In this aspect, it is important to consider the fact that government accounting holds tantamount value for numerous different reasons. Governments...
Fiduciary Funds – Definition, Types, and Uses
Definition Fiduciary Funds are used in governmental accounting in order to account for assets that are held in trust for others. In other words, these are the funds that are held by the government as a trustee. They are held on behalf of others, and therefore, they...
Amount Due to/From Customers – All you need to Know!
Introduction The modern-day business dynamic is considered to be quite different on a number of grounds. In this regard, it can be seen that almost all businesses work on credit. This implies that they sell, or purchase goods at an earlier date, and the subsequent...
Income From Continuing Operations – Explained
Overview Going concerned is an important accounting principle. It is an accounting term that explains that a company is financially strong and stable to carry on future business activities. Another term that closely relates to the going concern is the continued...
