LearningCat: Significant Accounting Policies

What is Revenue Recognition Concept?
The revenue recognition concept can be defined as an essential concept in accounting that instructs when and how an enterprise ought to acknowledge revenue within its financial disclosures. It also lays down the terms and conditions about whether the revenue earned is considered or not in the record. This idea states that revenue is often […]
Valuation of Inventories
Valuation of inventories is carried out to determine the value of excess inventory accumulation at the business site during the preparation of financial statements. Inventory requires having financial substance so that it can be documented in the financial reports of the company. The financial value of inventory aids in knowing about the inventory turnover ratio […]