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A Bachelor of Commerce (BCom or B Com) is an undergraduate degree in commerce, accounting, mathematics, economics, and management-related subjects. The degree is mainly offered in Commonwealth nations.
Financial accounting is the preparation of financial statements that can be consumed by the public and the relevant stakeholders. Financial information would be useful to users if such qualitative characteristics are present. When producing financial statements, the following must comply: Fundamental Qualitative Characteristics:
Over time, accounting software has revolutionized from supporting basic accounting operations to performing real-time accounting and supporting financial processing and reporting. [2] Cloud accounting software was first introduced in 2011, and it allowed the performance of all accounting functions through the internet.
The disadvantages of the use of financial result as a Key performance indicator. Operating components may be included in the financial result (e.g.: the income from financing activities). Investment income as a component of the financial result does not provide any information on the risk inherent in this investment.
The Bachelor of Accountancy, also known as Bachelor of Accounting, is the principal academic degree in accountancy in several countries, and is often the only (undergraduate) degree [1] recognised for subsequent practice as a professional accountant; see First professional degree. It is abbreviated as B.Acy., B.Acc., or B. Accty..
Inflation accounting, also called price level accounting, is similar to converting financial statements into another currency using an exchange rate. Under some (not all) inflation accounting models, historical costs are converted to price-level adjusted costs using general or specific price indexes.
This link can be seen from considering the national accounting model of the economy: Y = C + I + G + ( X − M ) , {\displaystyle Y=C+I+G+(X-M),} where Y represents national income or GDP, C is consumption, I is investment, G is government spending and X–M stands for net exports.
Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial ...