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Accounting policies are the specific principles, procedures, rules, and practices applied by an entity’s management to prepare and present financial statements. Principles are the guidelines that must be followed when reporting financial transactions. Rules are the debit and credit of accounting (i.e. golden rules). Practices are how accounting policies are implemented and adhered to on a
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Government means central, state, local government or government bodies or national/ international organizations. Grant means assistance in cash or kind whose value can be placed and are subject to certain conditions. Recognition of government grant A government grant should be recognized in the financial statements if the following conditions are satisfied. If a government grant
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Enterprise resource planning (ERP) is an overall business management system that caters to all organizations connected. Every organization uses a variety of resources in achieving its organizational goals. ERP is an enterprise-large information system designed to coordinate all the organization resources, information, and activities needed to complete the business processes, such as fulfillment or billing.
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Ind AS 21 describes how to account for the changes in foreign exchange rates. It includes how the foreign currency transactions will be recorded in the financial statements and converted into a presentation currency and will address how the foreign exchange rate affects the foreign currency transactions in the financial statements. To summarize the same
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Accounting is summarizing, analyzing, and reporting business transactions to omissions agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows. Accounting software does numerous accounting and bookkeeping tasks. For example, it stores a
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