Difference between Income Statement and Statement of Comprehensive Income
The statement of income and the statement of comprehensive income are both part of financial statements used to report the company’s performance and financial… Read Article
Financial Accounting
What Items are Included in Cash & Cash Equivalents?
Cash and cash equivalents are the liquid assets in any business. The purpose of keeping cash and cash equivalents is to meet daily expenses,… Read Article
Role of a Fund Accountant – Skills & Qualification
Who is a Fund Accountant?
A fund accountant is a skilled and organized person who can prepare and maintain accounts related to a specific… Read Article
Capital Work in Progress (CWIP)
What is Capital Work in Progress?
Capital work-in-progress or CWIP is one of the most important components of the non-current assets of an entity.… Read Article
Permanent Account – Meaning, Feature, Types, and Example
Permanent Account: DefinitionA permanent account is a general ledger account that isn’t closed after the end of a financial year. Instead, an accountant carries… Read Article
Temporary Account – Meaning, Types, Importance
Temporary Account: DefinitionTemporary Account, as the name suggests, is an account that exists to record the transactions of one accounting period only. Such an… Read Article
Accounting Worksheet – Meaning, Objectives, Benefits, and Format
What is Accounting Worksheet?Accounting Worksheet is basically a spreadsheet tool that assists bookkeepers and accountants in completing the accounting cycle. Or, we can say… Read Article
Types of Accounting Transactions – Explanation and Examples
Accounting Transactions refer to any activity that can have a direct impact on the financial statements of an organization. It is the first step… Read Article
Long Term Liabilities – Meaning, List, Calculation, and Use
Long Term Liabilities: MeaningLong-term liabilities are the financial obligations of a company that does not become due in the current financial year. Moreover, these… Read Article
Provisions in Accounting – Meaning, Example, Types and Importance
What are Provisions in Accounting?Provisions in accounting are a way to meet an uncertain expense or an upcoming liability. For example, bad debt occurs… Read Article
Single Entry System – Meaning, How it Works, Advantages, and Disadvantages
What is a Single Entry System?A single entry system of accounting is a system wherein only one-sided entries are passed in the books of… Read Article