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Accrued Income vs Unearned Revenue: The Entries People Reverse

13-Oct-26 05:42PM

Accrued income is earned but not yet received; unearned revenue is received but not yet earned. One is an asset, the other a liability - and learners constantly reverse them. Here are the journal entries, the balance-sheet effect, and a memory rule that ends the mistake.

Accrued Income vs Unearned Revenue: The Entries People Reverse

What Is the Accounting Equation and Why Must It Always Balance?

09-Oct-26 01:43PM

Assets = Liabilities + Equity is the one rule all of accounting rests on. Learn what each part means, why the equation can never break, and watch five everyday transactions prove it.

What Is the Accounting Equation and Why Must It Always Balance?

Journal, Ledger and Subsidiary Books: Which Book Records What

06-Oct-26 05:42PM

The books-of-account hierarchy most learners blur - journal and subsidiary books feed the ledger, which feeds the trial balance. Here is which transaction goes in which book, why the cash book is both a journal and a ledger, and how it all maps to Tally.

Journal, Ledger and Subsidiary Books: Which Book Records What

Top 7 IFRS and Ind AS Standards Every Accounting Student Meets First

02-Oct-26 01:42PM

A beginner-friendly ranking of the seven IFRS/IAS standards you meet first in an accounting syllabus - presentation, inventories, PPE, cash flows, provisions, revenue and leases - each paired with its Ind AS twin and what it governs.

Top 7 IFRS and Ind AS Standards Every Accounting Student Meets First

Tax Audit Under Section 44AB: Who Needs One by 30 September 2026

28-Sep-26 05:44PM

Section 44AB tax audit for AY 2026-27 is due 30 September 2026 and CBDT has not extended it. Learn who must get a tax audit under the Rs 1 crore, Rs 10 crore and Rs 50 lakh limits, what Forms 3CA, 3CB and 3CD contain, and the Section 271B penalty. Educational guide only.

Tax Audit Under Section 44AB: Who Needs One by 30 September 2026

What Is Working Capital and How Do You Calculate It?

25-Sep-26 05:45PM

A plain-English guide to working capital: the formula, a step-by-step worked example, how to read the current ratio, positive vs negative working capital, how to improve it, and the mistakes learners make.

What Is Working Capital and How Do You Calculate It?

Switching From Cash to Accrual Accounting Without the Profit Trap

21-Sep-26 01:45PM

Cash-basis books are legal for many proprietors and professionals in India, until incorporation, an audit, or a lender forces accrual. This guide covers the statutory triggers (Section 145, Companies Act 128, ICDS), the opening conversion entries, and the year-of-switch double-count trap.

Switching From Cash to Accrual Accounting Without the Profit Trap

Top 6 Types of Accounting Explained: Which Does What

18-Sep-26 05:42PM

Financial, tax, cost, management, auditing and forensic: the six branches of accounting ranked by what each does, who relies on it, and which one to learn first.

Top 6 Types of Accounting Explained: Which Does What

Fixed Asset Disposal Journal Entries: Profit or Loss on Sale

15-Sep-26 01:42PM

A fixed asset rarely dies at zero. When you sell, scrap or trade one in, you clear its cost and accumulated depreciation, bring in the proceeds, and whatever is left is a profit or loss on disposal. Here are the exact journal entries, worked examples, and why the tax books disagree.

Fixed Asset Disposal Journal Entries: Profit or Loss on Sale

What Is the Difference Between Accounts Payable and Receivable?

12-Sep-26 05:43PM

Accounts payable is money you owe suppliers; accounts receivable is money customers owe you. This guide explains the difference between accounts payable and receivable with journal entries, a comparison table, the metrics that track each, and India's Section 43B(h) rule.

What Is the Difference Between Accounts Payable and Receivable?

Suspense Account: What It Hides and How to Clear It

09-Sep-26 01:43PM

A trial balance that will not agree does not stop the books - a suspense account parks the difference until you find the error. Here is what a suspense account hides, which errors create one, and how to clear it to a zero balance, step by step, with a worked ACCA FA example.

Suspense Account: What It Hides and How to Clear It

Prepaid and Outstanding Expenses: Adjusting Entries That Fix Profit

03-Sep-26 01:43PM

The four year-end adjusting entries: outstanding expense, prepaid expense, accrued income and income received in advance. See each journal entry, its balance-sheet placement, why the trial balance still ties, and a worked insurance example carried through the accounts.

Prepaid and Outstanding Expenses: Adjusting Entries That Fix Profit

Standard Costing and Variance Analysis: Find the Profit Leak

28-Aug-26 01:43PM

A single adverse cost number tells you nothing until you split it. This guide carries one manufacturing example end to end - material price and usage, labour rate and efficiency - so you can see exactly where the profit leaked and why.

Standard Costing and Variance Analysis: Find the Profit Leak

Provisions vs Contingent Liabilities: Recognise, Disclose or Ignore

25-Aug-26 05:41PM

One decision separates a provision from a contingent liability: is the outflow probable, possible or remote? Here is the exact test - recognise, disclose or ignore - with worked warranty, litigation and guarantee examples under Ind AS 37.

Provisions vs Contingent Liabilities: Recognise, Disclose or Ignore

Inventory Valuation: FIFO vs Weighted Average and Its Profit Effect

21-Aug-26 01:57PM

Two shops, identical purchases, different profit - that is the inventory valuation method at work. See FIFO vs weighted average on the same data, how each changes closing stock and profit, the lower-of-cost-or-NRV rule, and why LIFO is not allowed in India.

Inventory Valuation: FIFO vs Weighted Average and Its Profit Effect