Nonmonetary assets and monetary assets are distinct. The difference between them lies in the degree of ease with which a cash value can be
What’s the Difference Between Interim Dividend and Final Dividend?
In this post, we have discussed the meaning of “interim dividend and final dividend” and also some legal provisions concerning their declaration and payment.
What’s the Difference Between Continuous Audit and Periodical Audit?
Continuous audit and periodical audit are two different terms. On one hand, a continuous audit is an ongoing audit process that examines accounting operations
Difference between Joint Product and By-product
In many processing industries, more than one product may be produced in a particular manufacturing process. They may be classified as joint products and
Difference between Manual and Computerized Accounting
Manual and Computerized Accounting: In today’s globalized environment, computerized accounting systems and professional awareness of them have become a must. Businesses of all types
Difference Between Accounting Concepts and Conventions
What are accounting concepts and conventions? In this blog, we have discussed the difference between concepts and conventions of accounting. Very often, accounting is
What is the Meaning of Vouching?
In this blog, we discuss the meaning of vouching. Vouching is one of the fundamental practices followed in an audit exercise. “To vouch” means
“Auditing Begins Where Accounting Ends”
Accounting and auditing are very closely related. It is often said that auditing begins where accounting ends. Unless books of account are prepared and
Difference between Trading Account and Profit and Loss Account (with Specimen)
The Trading Account and Profit and Loss Account are two essential components of financial statements of any concern. While Trading Account shows gross results
A case summary of Rylands v Fletcher
Case name: Rylands v Fletcher (1868) LR 3 HL 330 This case is one of the most famous cases in English common law. It