GST Claiming on Mobile Phones: Everything You Need to Know
In today’s world, mobile phones are an integral part of our daily lives. If you own a mobile phone, you’re likely familiar with Goods and Services Tax (GST). Traditionally, Claiming GST on Mobile Phones was primarily associated with categories like food, clothing, and automobiles. However, due to the surge in online shopping and increased transactions, […]
Accounting Equation – Definition, Formula, and Examples
The accounting equation is a fundamental balance sheet component and is considered the foundation of accounting. It allows a company to verify that its liabilities and owners’ equity balances its assets. This equation is the basis of the double-entry accounting system. A double-entry accounting system ensures that every transaction affects both sides of the equation […]
Difference Between Modern Accounting and Traditional Accounting
Accounting practices have evolved significantly over time. There are several differences between modern accounting and traditional accounting. The most significant difference is the speed and accuracy of reporting. Traditional management accounting focuses on analyzing, summarizing, and recording expenses without trying to understand why expenses change. Modern accounting not only records and summarizes expenses but also […]
