Tag: Account

Capital Expenditure (Capex) involves long-term investments to acquire or upgrade assets, recorded on the balance sheet and depreciated over time, while Revenue Expenditure (Revex) includes short-term [Read More...]

Cash accounting records transactions when cash changes hands, focusing on cash flow, while accrual accounting records transactions when they are earned or incurred, providing a more accurate [Read More...]

Temporary tax differences are timing discrepancies between taxable and accounting income that will eventually reverse, while permanent tax differences are items that affect only one system and never [Read More...]

Depreciation is for tangible assets, while amortization is for intangible assets. Meaning Depreciation: Refers to the systematic reduction of the recorded cost of a tangible fixed asset over its [Read More...]

The Break Even Point (BEP) is a financial measure that shows when a company’s total revenue is equal to its total costs, meaning it is neither making a profit nor incurring a loss. Reaching the [Read More...]

Book-Keeping Book-keeping is the systematic recording of financial transactions. It involves recording daily business activities such as sales, purchases, expenses, and receipts. The primary purpose [Read More...]

Here's a brief overview of all key IFRS Standards: IFRS 1: First-time Adoption of IFRS Provides guidelines for entities adopting IFRS for the first time to ensure transparent and comparable financial [Read More...]

Deferred Tax refers to the tax effect of temporary differences between the accounting income reported in financial statements and taxable income as per tax laws. These differences arise due to timing [Read More...]

Financial statements are formal records of a company’s financial activities, providing insights into its financial position, performance, and cash flows. They are essential for stakeholders like [Read More...]