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Understanding Journal Entries in Accounting

3 Comments / Accounting / Dr. Sujit Dutta

Many students come from non-commerce backgrounds and often find accounting terminology confusing. Terms such as Journal, Ledger, Voucher, Debit, Credit and posting may appear technical at first. However, accounting is essentially a systematic method of recording business transactions. Before an accountant records a transaction, an important question must be answered: “What evidence exists that the

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Importance of Residency Test in U.S. Taxation

21 Comments / US Tax / Dr. Sujit Dutta

One of the most critical concepts in U.S. taxation is tax residency, because it determines the scope of taxable income: In simple terms: U.S. Tax Residency Decision Flowchart Step 1: Citizenship Test Are you a U.S. Citizen? Step 2: Green Card Test Do you hold a valid Green Card at any time during the year?

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Accounting: From Events to Financial Statements

3 Comments / Accounting / Dr. Sujit Dutta

Accounting is often described as the language of business. Yet, many students are introduced to accounting as a subject of rules, formats, journal entries and calculations. As a result, they sometimes learn the mechanics of accounting without understanding the logic behind it. Accounting is a systematic process of identifying, recording, classifying, summarizing and communicating financial

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Understanding the Flow of U.S. Tax Calculation- From Income to Refund or Tax Due

11 Comments / US Tax / Dr. Sujit Dutta

Professor: When we hear the term ‘U.S. Taxation,’ many students imagine a highly complex system full of forms and calculations. But if we understand the logic behind the system step-by-step, it becomes far more structured and interesting than it first appears Professor:Students, today we are not merely learning tax computation. We are learning the logical

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Basics of Golden Rules of Accounting and Accounting Equation with Dual Aspect Concept

4 Comments / Accounting / Dr. Sujit Dutta

Accounting is often referred to as the language of business, but every language has its own grammar and rules. Similarly, the entire accounting system is built upon a few fundamental principles that ensure every business transaction is recorded accurately and systematically. Among these, the concepts of debit and credit, the Golden Rules of Accounting, the

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Understanding BRSR: Beyond Financial Reporting

2 Comments / Sustainability / Dr. Sujit Dutta

Sustainability is no longer viewed merely as a voluntary corporate initiative; it has become a key governance and compliance priority. With increasing regulatory scrutiny and investors focus on responsible business practices, companies are embedding ESG metrics into their operational and strategic frameworks to drive sustainable growth and strengthen stakeholder trust. Indian companies are increasingly moving

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Fundamentals of U.S. Taxation: Concepts and Essential Tax Forms

9 Comments / US Tax / Dr. Sujit Dutta

When students first approach U.S. taxation, it often appears complex and layered. However, once the foundational structure is understood, the system becomes much more logical and interesting. Let’s break it down into simple, conceptual elements. Unlike many countries, the United States follows a multi-level taxation system, where taxes are imposed at different levels: This means

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Cash Book, BRS and Cash Flow Statement (AS 3): How they are connected

5 Comments / Accounting / Dr. Sujit Dutta

Cash and bank balances represent the most liquid resources of a business. Their accurate recording is essential because they not only affect day-to-day operations but also influence the Balance Sheet and the Cash Flow Statement. To ensure proper control over these balances, accountants maintain a Cash Book and periodically prepare a Bank Reconciliation Statement (BRS).

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Concepts and Conventions in Accounting: Practical Insights for Students

5 Comments / Accounting / Dr. Sujit Dutta

Accounting is the language of business but often introduced as a subject of rules, formats, and calculations. But it is built on a set of fundamental concepts that give meaning and consistency to every number recorded. If students understand these concepts clearly, they don’t need to “memorize accounting”—they can reason out answers, even in interviews

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Historical Cost vs Fair Value Accounting: A Practical Understanding under AS and Ind AS

5 Comments / Accounting / Dr. Sujit Dutta

Financial statements are prepared according to a framework of accounting principles commonly known as GAAP (Generally Accepted Accounting Principles). GAAP includes accounting concepts, conventions, standards and disclosure requirements that guide companies in preparing financial statements in a consistent and comparable manner. Traditionally, Indian Accounting Standards (AS) largely emphasized the historical cost concept, under which assets

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