Definition of Ordering Costs Ordering Costs also known as setup costs which is incurred at the time of placing an …

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What is Accrued Income? Accrued Income means the income which is earned during the current accounting year and has become …

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What is Revenue Recognition? Revenue recognition is the process of recording revenue of the business concern. It is recognized in …

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Definition of Opening Entry The Opening Entries is the balance sheet amount which is brought forward at the beginning of …

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What is Accounting Equation? Accounting Equation which is also called as balance sheet equation. This equation is considered as the …

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Perhaps you meet with accountants regularly or very occasionally when you needed a financial report, solving your tax issues. You …

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What is Demand Loan? Demand Loan also termed as Working Capital Demand Loan which will be repaid as instructed by …

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What is Progressive Tax? A progressive Tax is the Tax which is varied in proportion to the earnings of a …

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What is Bad Debts? Bad debts is the amount of credit sales which can not be recovered or become irrecoverable …

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When goods are received and GRN is made, accountants are made necessary journal entries in the books of accounts for …

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