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Accounting Equation

The full Accounting equation is: Assets = Liabilities + Equity Assets = What the business owns (like cash, inventory, equipment) Liabilities...

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Closing inventory

Closing inventory is the value of the goods or stock you still have at the end of the accounting period (e.g., year-end). It’s what’s left unsold.&nbs...

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Accounting Profit Vs Tax Profit

Accounting Profit: Accounting profit is the profit a business reports in its financial statements. It is calculated using standard accounting principl...

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Depreciation vs Capital Allowance

Depreciation:Depreciation is an accounting concept. It represents the gradual reduction in the value of an asset over its useful life. Businesses reco...

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