Understanding the Functions of an Accounting Journal
What is an Accounting Journal? An accounting journal is a fundamental component of the accounting process, serving as the initial point of entry for financial transactions. Its primary purpose is to systematically record all transactions in chronological order, which aids businesses in maintaining accurate financial records. These records play an essential role in later stages […]
IFRS standard interpretation committee
IFRIC standard Interpretation Committee are regulatory guidance on the application of International Financial Reporting standard Interpretation Committee (IFRS).
Standing Interpretations Committee (SIC)
Standing Interpretations Committee (SIC) are a form of regulatory guidance issued before the formation of the IFRS Interpretations Committee (formerly IFRIC)
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the IASB.
International Accounting Standards – IAS
International Accounting Standards (IAS) with the goal of unifying financial reporting throughout the world.
Accounting for Periodic Inventory Method
In the periodic inventory method, inventory is calculated periodically (monthly, quarterly, or annually).
Accounting for Perpetual Inventory Method
Perpetual inventory method is a system where inventory is calculated instantly at the time of each transaction.
Periodic inventory method
“Periodic Inventory Method” is a system in which inventory is counted periodically, such as at the end of the month or at the end of the year. In this method inventory is not updated daily. What is the periodic inventory method?In this method the inventory is calculated periodically. Daily sales or purchase data is not […]
Perpetual Inventory Method
Inventory management plays an important role in economic activity. In any organization, especially manufacturing and trading organizations, if inventory is not managed properly, it can lead to business losses. “Perpetual Inventory Method” is one of the various methods of inventory management. What is the continuous inventory method?Perpetual inventory method is a system in which arrival […]
Inventory: Accounting Aspect
Accounting for Inventory Inventory accounting is the process of managing an organization’s inventory. Through this, the organization’s inventory information is accurately recorded, monitored and managed. Keeping accurate inventory records plays an important role in the business operations of an organization, as it helps in making the right production, sales and purchase decisions. A warehouse management […]