What is the difference between IFRS and US-GAAP?

The companies across the world, while reporting the financial statement are abide by the specific accounting regulations of their country of business. For example, the companies who have business activities in India have to adapt Indian Accounting Standard (abbreviated as Ind-AS) while reporting the financial statement, similarly, Generally Accepted Accounting Principles (GAAP)’ of US is…

What is Trial balance?

Trial balance is a list of debits and credits items (assets/liabilities/income/expenses) extracted from closing balance in each account of general ledger. This type of report is generated in a double entry account format before the finalization of balance sheet on a certain date, usually at the end of an accounting period. The trial balance taken…

What is capital budgeting?

Capital budgeting (also known as investment appraisal) is the process of project appraisal to decide whether the big investment in such a long term project is worth pursuing. The long term investment may be needed to a company for technology up gradations, purchase of new machinery, expansion programmes, planning creation of new products, research and…