Author name: s4salman

Inventory turnover ratio is used to calculate how many times total inventory get sold out in the company. It is calculated by […]

We have covered in great details various Accounting Principles. Now it is the time to do some quiz about these

Comparability is also an important accounting principle. It requires that financial information must be comparable from one accounting period to another.

Consistency Concept has fundamental importance in the preparation of financial statements. According to this, an entity must continue to use

Understandability concept is one of the qualitative accounting principles. This concept requires that the transactions and events should be presented

Prudence concept is a fundamental accounting principle which requires the accountant to record the expenses and liabilities as soon as possible. On the other hand, prudence

In order to present true and fair view of the financial statements, accountants need to reflect transactions over the basis

Materiality is one of the main accounting principles and has a vast effect in the preparation of the financial statements.

Relevance and reliability are the two main accounting principles. By relevance we mean the information available for a given set

Matching principle is one of the fundamental accounting concepts and has great importance as well. It emphasizes that expenses should