Welcome To Businance

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Assets and their types

Assets and their types Definition An asset by definition is a “resource in the control of the entity from which economic benefits are expected to be flown towards the entity”. Now if we bifurcate above definition of asset, there are few keywords which are of extreme important, these words are following: Resource: It should be something of value, from which some benefit may be derived for the business. For example, a building is a resource which can be used to conduct business and sale goods/services. If it is something which is valueless, it cannot be booked as the asset. Control: Entity should have control over the resource. So that the entity can control the asset as per its business needs. If entity doesn’t have control on the asset, it cannot book it as it’s asset in its accounting records. For example, ‘sun’ is a resource but no entity has the control over it. So a business cannot record it as its asset. Flow of economic benefits: There should be a likelihood that the entity shall get some economic rewards by using that asset in appropriate way. These economic rewards may be either in terms of inflow of money or reduction in outflo

Management Reporting

Management Reporting Background How does a CEO decide that the company should launch a new product? How would the Board of Directors approve opening a new branch of the company?

Students

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Students

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Accounting & Finance Terms

In this article we’ll talk about some basic accounting & finance terms which are used in a routine by accounting and finance professionals. We’ll explain here in brief

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Comprehensive overview of Depreciation

Depreciation by definition: “Depreciation is a systematic way to charge cost of fixed assets in profit & loss statement over the useful life of the asset”. Key Features of depre

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Basics of double entry accounting system

Basics of Double Entry Accounting System Let me clarify one thing guys, double-entry accounting is not doubling of accounting. There is no risk that a transaction will be recorded twice or that you have to do double work. So don’t worry about the concerns which may arise on listening the term first time. It is a beautiful system which properly takes care of accounting entries, read below. Background If you are new to learn accounting then this would probably be the first article you should read after knowing definitions of assets, liab

Impairment of Assets

Impairment of Assets Impairment by definition: “Impairment is a factor which hampers the ability of an asset to yield future economic benefits." Didn't get it? Ok, let me simplify it for you. Impairment makes assets less usable. This means, after the impairment, the asset will not be as useful as it was before the impairment happened. For example, if a car gets damaged in an accident, it’s market value may decreas