Thursday, 23rd May 2013

information, characteristics of information, attributes of information, data, data vs information

What are the Differences between Data and Information

There are many confusion aries when we want to find out the basic differences between data and information. Many types of distinguishing charactersitics may be presented to create the specific identification about data and information. Data and information bear some attributes without which they are meaningless for example, accuracy, relevant, timeliness as well as cost …

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Why Adjusting Journal Entries Prepare

At the end of each financial year, business organizations need to make some adjustments from different kinds of financial transactions occurred during the financial year in an organization, these adjustments are known as adjusting journal entry. Adjusting journal entries are usually made at the time of preparing financial statements at the end of financial year …

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intangible assets, fixed assets, financial assets

What is Intangible Assets

Intangible assets are identifiable non-monetary assets without physical substance. An asset is a resource that is controlled by the entity because of past events for example, purchase or self-creation and from which future economic benefits are expected. A research and development project acquired in a business combination is recognized as an asset at cost, even …

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financial distress, causes of financial distress, financial management, financial management process

What is the Meaning of Financial Management

Financial management encompasses many different types of decisions. We can classify these decisions into three groups: investment decisions, financing decisions, and decisions that involve both investing and financing. Investment decisions are concerned with the use of fund the buying, holding, or selling of all types of assets: Should we buy a new die stamping machine. Should we introduce a …

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intangible assets, intangible, intangible asset, nature of intangible assets

Explain the Nature of Intangible Assets

Intangible assets are such assets owned by the corporations that have no physical existence and they are non-current in nature and used in business operations in order to generate revenues. Intangible assets lack physical substance; you cannot touch it. Its initial useful life extends beyond a single reporting period. Intangible assets may be created internally …

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What are the Differences between Data and InformationWhy Adjusting Journal Entries PrepareWhat is Intangible AssetsWhat is the Meaning of Financial ManagementExplain the Nature of Intangible Assets

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Financial Accounting

Key Concept:: 

Accounting and reporting concepts: the purpose of accounting regulations, standards and other requirements- the objectives of financial statements, giving appropriate examples- the qualitative characteristics of financial information- financial effects of transactions in accordance with the IASB Framework.

Preparation of single entity financial statements: statutory financial statements- policies and appropriate to financial reporting standards- International Public Sector Accounting Standards.

Preparation of consolidated financial statements: prepare and present consolidated financial statements- consolidated financial statements of an entity- subsidiary or associate of an entity according to financial reporting framework- continuing and discontinuing interests in subsidiaries and associates- present the consolidated financial statements.

Questions and Answer Section: 

  • What is Bin Card and Store Ledger? Write three reasons of discrepancy between Bin Card Balance and Store Ledger Balance.

Permanent link to this article: http://icabtutorial.com/ca-under-icab/ca-application-level/financial-accounting/

Study Materials

What is Lease Financing?  How Capital Lease is Treated in Accounting? What is Economic Order Quantity and How it is Calculated? What is the Format of Contribution Margin Income Statement? What are the Methods of Computing Depreciation?  Which Ratio Measure the Liquidity Positions of a Business? What are the Advantages of Standard Costing? What is Opportunity …

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