Doing all the accounting work manually in an organization is not possible. Even if accounting managers do so manually, it may have errors and… Read Article
A Chart of Accounts lists all the accounts in the general ledger. The purpose is to organize the accounts and group similar ones together.… Read Article
Every business manager, department head, and member of the management team should have a basic understanding of accounts. This basic accounting information ensures that… Read Article
What is Capital Expenditure?
Capital expenditure or CapEx is the expenditure incurred by the Company to acquire or upgrade or maintain tangible assets like… Read Article
Often the terms earnings and revenue are used interchangeably, but they are very different from each other. To put it simply, revenue is the… Read Article
What is Residual Income?Residual Income is the money remaining after paying the necessary expenses and costs. In technical terms, it is the income that… Read Article
Organizations usually make Adjusting Entries on the last day of an accounting period to ensure that the accounts are in line with the accrual… Read Article
Contingent Liability: MeaningContingent Liability is the best guesstimate by the company of a situation that might turn into a liability. Whether or not a… Read Article
The matching principle is a common accounting concept or accounting principle. Under this, a company should report an expense in the income statement in… Read Article