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Articles by Kiran Kumar Panigrahi
Page 30 of 32
What is Amortization?
Amortization vs. DepreciationBoth Amortization and Depreciation are concepts that are used to account for the consumption of assets and how they lose their value over their useful life.We understand that tangible assets such as plant machinery, furniture, buildings, and vehicles lose their value over a period, which is called "depreciation". But, what about intangible assets such as copyrights, trademarks, patents, agreements, etc.? Such intangible assets too lose their value over a course of their useful economic life.Amortization is a concept similar to depreciation, but it is applied primarily to intangible assets and their periodic reduction in value over time. The ...
Read MoreWhat is an Installment Sale?
As the name suggests, an "installment sale" is an approach where the seller allows the buyer to make payments in installments over a period of time. It is a Revenue Recognition method in which the seller defers the revenues until the payment is received.In an Installment Sale, the revenues and the expenses are recognized at the time when the actual cash flow occurs, rather than at the time of sale. Installment Sales are quite prevalent in real-estate deals.Note that, although the buyer gets the goods at the beginning of the installment period, the ownership is not fully transferred at the ...
Read MoreWhat is the Revenue Recognition Principle?
Most of the big companies do business on credit. They supply goods and services for which the payments are received at a later stage or over a period of time. Hence, it becomes important for companies to follow a standard process to recognize the revenue from such transactions and record them in their financial statements.There are multiple stages at which a company can recognize the revenues in its books.Revenue Recognition CriteriaAccording to the International Financial Reporting Standards, the following conditions must be satisfied to have a company recognize its revenues −There should be sufficient assurance that the payment will be ...
Read MoreWhat is Accrual Principle in Accounting?
The Accrual Principle is a concept in Accounting where the financial transactions are recorded during the same time period in which they occur. Note that the actual cash flow may occur at a later stage. For example, suppose a company supplies goods worth $50, 000 in the first quarter of financial year, but the company receives the payment in the second quarter. In such a case, if we apply the Accrual Principle, then the company will record this financial transaction in its books in the first quarter itself.The Accrual Principle is useful when it is important to match the revenues ...
Read MoreWhat is Value-Based Pricing?
Cost-Plus Pricing Vs Value-Based PricingIn general, companies calculate the selling price of a product or service based on the costs incurred in manufacturing that product or delivering that service. This is what we call Cost-Plus Pricing strategy where the price of a product is proportional to the manufacturing cost.We very well understand that a superior brand can charge slightly more for a product than a less-known company that produces the same product, which is the usual case. There's a brand value attached to products that belong to a superior brand. In such cases, the price difference between the products do ...
Read MoreWhat is Marginal Benefit?
We can define Marginal Benefit as the maximum amount a buyer can pay for an extra unit of product purchased after the first unit. Consumers normally tend to compare the marginal cost of purchasing an extra unit with the marginal benefit derived from purchasing it. In other words, we can also define Marginal Benefit as the satisfaction that a consumer gets after purchasing an extra unit. It is also known as marginal utility.How Do Companies Use Marginal Benefit?Marginal Benefit is a valuable tool that is heavily used in business market research and advertising. Companies evaluate marginal benefits and use that ...
Read MoreDecorator function pattern in Golang
Decorator function pattern is a pattern that is mainly found in Python and JavaScript, but we can also use it in Golang.It is a pattern in which we can add our own functionality over a current function by wrapping it. Since functions in Golang are considered firstclass objects, which in turn means that we can pass them as arguments as we would in the case of a variable.Example 1Let's start with a very simple example to understand the basic case of passing a function as an argument to an already existing function.Consider the code shown below.package main import ( ...
Read MoreHow to get the current username and directory in Golang?
Sometimes there are cases where we want to know which user is executing the current program and in which directory and we can get all these details with the help of the user package that is present inside the os package of Go's standard library.In this article, we will explore three such cases, where first, we will log out the username who is executing the current process and then we will log out the name along with the id and finally, we will log out from the directory in which the current program is located.Getting the UsernameTo get the username, ...
Read MoreHow to get the size of an array or a slice in Golang?
In case we want to get the size of an array or a slice, we can make use of the built-in len() function that Go provides us with.Example 1Let's first explore how to use the len function with an array. Consider the code shown below.package main import ( "fmt" ) func main() { fmt.Println("Inside the main function") arr := [3]int{1, 2, 3} fmt.Println("The length of the array is:", len(arr)) }In the above code, we are using the len function on the array defined as arr.OutputIf we run the command go run main.go ...
Read MoreHow to close a channel in Golang?
We can close a channel in Golang with the help of the close() function. Once a channel is closed, we can't send data to it, though we can still read data from it. A closed channel denotes a case where we want to show that the work has been done on this channel, and there's no need for it to be open.We open the channel the moment we declare one using the make keyword.ch := make(chan int)Example 1Let's consider a very simple example, in which we will create a buffered channel and then pass data to it and then close ...
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