Which country started GST first?
The goods and services tax (GST) is a comprehensive value-added tax (VAT) on goods and services. France was the first country to...
Who started GST in India?
Seven months after the formation of the Modi government, the new Finance Minister Arun Jaitley introduced the GST Bill in the Lok Sabha,...
What is GST?
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by...
How Principles and Guidelines Affect Financial Statements?
The basic accounting principles and guidelines directly affect the way financial statements are prepared and interpreted. Let's look...
Conservatism
If a situation arises where there are two acceptable alternatives for reporting an item, conservatism directs the accountant to choose...
Materiality
Because of this basic accounting principle or guideline, an accountant might be allowed to violate another accounting principle if an...
Revenue Recognition Principle
Under the accrual basis of accounting (as opposed to the cash basis of accounting), revenues are recognized as soon as a product has been...
Matching Principle
This accounting principle requires companies to use the accrual basis of accounting. The matching principle requires that expenses be...
Going Concern Principle
This accounting principle assumes that a company will continue to exist long enough to carry out its objectives and commitments and will...
Full Disclosure Principle
If certain information is important to an investor or lender using the financial statements, that information should be disclosed within...
