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
Financial Accounting
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
Revaluation Reserve – Meaning, Accounting, Journal Entries, and Example
Revaluation Reserve: MeaningA company creates Revaluation Reserve to reflect an asset’s true value. It is a non-cash reserve that reflects the true value of… Read Article
Revaluation Surplus – Meaning, Journal Entries, and Example
What is Revaluation Surplus?Revaluation Surplus is an equity account where all upwards adjustments in the value of a company’s assets are systematically recorded. Some… Read Article
Not-for-profit Organization – Meaning, Types, and Features
What is a Not for Profit Organization?A not-for-profit organization, as the word suggests, does not focus on earning profits. Instead, social welfare or charity… Read Article
Full Disclosure Principle – Meaning, Explanation, Pros, and Cons
What is the Full Disclosure Principle?The Full Disclosure Principle, as the word suggests, means that a company should disclose all relevant information in its… Read Article