Accounting Principle

Informational Requirements of external users of Accounting There are a variety of external users of accounting who require accounting information for assessment making, asset planning…

Factors which required methodical accounting The factors that necessitated methodical accounting are given below, Transactions are documentated in financial terms- Only those contacts which can…

Revenues– Revenues are the property earned by a company’s operations and trade actions. Revenues refer to the amount received from day to day activities of…

Accounting is the action or procedure of maintenance financial accounts. It is a procedure of identifying the proceedings of financial nature, recording them in the…

Fixed assets- Fixed assets are financial capital owned by a business, which cannot be straightforwardly liquidated (converted into cash). These are held for long-term and…

Distinguish between debtors and creditors Debtors: A debtor is a person or enterprise that owes money to another party. Debtors are the party who owes…

Accounting is a method for recording transactions and keeping financial records. It is a procedure of identifying the events of financial environment, recording them in…

In the liabilities and owners’ equity section of the balance sheet, the first grouping is current liabilities. Current liabilities are obligations that the company is…

Current assets are assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer.…

A worksheet is a multiple-column form used in the adjustment process and in preparing financial statements. As its name suggests, the worksheet is a working…