Equity
Definition Equity is the residual interest in the assets of the entity …
Financial
Recognition Criteria of Liabilities
Definition In order for a liability to be recognized in the financial …
Liabilities
Definition According to IASB Frmework liability is defined as follows: A liability …
Recognition Criteria of Assets
Definition In order for an asset to be recognized in the financial …
Elements of the financial Statements
Elements of the financial statements include Assets, Liabilities, Equity, Income & Expenses. …
What are Financial Statements?
Definition Financial Statements represent a formal record of the financial activities of an …
Verifiability Concept
Definition Verifiability means that the accounting information presented in financial statements must …
Historical Cost
Definition Historical Cost is the original cost incurred in the past to …
Dual Aspect Concept | Duality Principle in Accounting
Definition Dual Aspect Concept, also known as Duality Principle, is a fundamental …
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Realization Concept (Revenue Recognition Principle)
Definition Realization concept in accounting, also known as revenue recognition principle, refers …
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