General and special journals are primary bookkeeping documents of a business. Both these documents are used by businesses for similar purposes. A general journal is used more commonly by businesses either with a manual or digitized bookkeeping system. A special journal is created for specific accounts by some businesses when they require detailed records. Let […]
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An operating lease refers to a lease contract where the ownership of the asset does not transfer to the lessee. The lessor keeps the ownership rights throughout the lease contract tenure. The lessee does not recognize the leased asset or property as an asset on its balance sheet. However, the lessee needs to account for
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A spinoff or a spinout is a type of divestment. Large entities create a new entity by selling new stocks of their existing business. This arrangement results in a legal new entity. In some cases, the newly established entity may fulfill certain criteria that can be termed as a reverse spinoff. In that situation, the
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