Advantages and Disadvantages of Normal Loss and Abnormal Loss

Advantages and Disadvantages of Normal Loss and Abnormal Loss

Both normal and abnormal losses are types of losses that have an impact on the company’s finances and its overall condition. Normal loss actually refers…
Definition and Difference Between Normal Loss and Abnormal Loss

Definition and Difference Between Normal Loss and Abnormal Loss

In reality, a loss is considered normal if it happens as expected during regular company operations, whereas a loss is considered abnormal if it happens…
Risk-based Internal Audit

Risk-based Internal Audit

Risk-based internal auditing (RBIA) is an internal methodology that focuses on the inherent risk in the activities or system and provides assurance that risk is…
Risk-based Auditing

Risk-based Auditing

Risk-based auditing is a type of auditing that focuses on risk analysis and management. It is an auditing approach that focuses on identifying and assessing…
Operational Auditing

Operational Auditing

Operational auditing is a systematic examination of operational effectiveness, efficiency, and economy. Its goal is to evaluate the efficiency, effectiveness, and cost-effectiveness of these processes…
Internal Auditing

Internal Auditing

Internal auditing is an independent, objective assurance and consulting activity that adds value and improves the operations of a company. It assists an organization in…
Sustainability Accounting

Sustainability Accounting

Sustainability accounting is a type of accounting that considers the environmental, social, and economic impacts of a company’s activities. It involves measuring and reporting on…
Term Loan

Term Loan

A term loan is a type of loan that is typically paid back over a fixed period of time, usually in regular installments (such as…
Balance of Payments – in International Economics

Balance of Payments – in International Economics

The Balance of Payments (BoP) is a statistical record of a country’s international transactions with the rest of the world over a specific period of…
Uses of Variable Costing System

Uses of Variable Costing System

Variable costing is a methodology that only assigns variable costs to inventory. This method requires that all overhead costs be charged to expense in the…
Current Asset in Accounting

Current Asset in Accounting

A current asset is an asset that is expected to be converted into cash within one year or one operating cycle, whichever is longer. Current…
Capital Asset in Accounting

Capital Asset in Accounting

A capital asset is a long-term asset that is held by a company or individual to generate income or increase in value over time. Examples…
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