Income Statement
There are four financial statements that are prepared during an accounting year. In this article, we will focus our attention on the Income Statement.… Read Article
Financial Accounting
Chart of Accounts – Meaning, Importance And More
A chart of accounts is a list of all the general ledgers (accounts) organized in groups and sub-groups of accounts. This is the heart… Read Article
Impairment Cost – Meaning, Benefits, Indicators And More
Impairment Cost or charge is the drop in the value of an asset on a permanent basis. Whether the asset is tangible or intangible,… Read Article
Accounting Cycle
What is the Accounting Cycle?The person maintaining the accounting cycle defines it as a systematic process of recognizing, analyzing, and posting the various events… Read Article
Deferred Revenue – Meaning, Importance And More
Deferred revenue is the money that a company receives even before earning it, or we can simply say advance payment. Companies do not report… Read Article
Double Declining Depreciation
Double Declining Depreciation Method
The double-declining depreciation is an accelerated depreciation method where the depreciation expense amount decreases with the age of the asset.… Read Article
Straight Line Depreciation
The straight-line depreciation method is the simplest method for calculating an asset’s loss of value or, in other words, depreciation over a period of… Read Article
Unit of Production Depreciation
The decrease in the value of an asset due to normal wear and tear, time effect, obsolescence, etc., is called depreciation. Amortization is also… Read Article
Accelerated Depreciation Method
The value of a fixed asset or long-term asset reduces due to wear and tear. This reduction of the value of the asset is… Read Article
Cost of Goods Sold (COGS) – All You Need To Know
Cost of Goods Sold or COGS refers to the cost of producing goods and services. Also known as the cost of services or cost… Read Article
Debentures in Accounting
A debenture is a document that acknowledges the debt. Debentures in accounting represent the medium to a long-term instrument of debt that large companies… Read Article