S Corporation

S Corporation

S Corporation- Definition S Corporation is a closely held corporation by the Internal Revenue Code of the United States federal income tax, wherein the… Read Article
Limited Liability Company

Limited Liability Company

What is a Limited Liability Company? Limited Liability Company is the U.S. term wherein the members of the corporate structure are not personally liable for the… Read Article
Revaluation of Fixed Assets

Revaluation of Fixed Assets

Meaning of Revaluation of Fixed AssetsRevaluation of fixed assets is undertaken to determine the current value of the assets owned by the organization. The… Read Article
Consignment

Consignment

Nowadays, to increase sales, manufacturers hire agents who can sell their goods as it might not be possible for them to look after the… Read Article
GAAP

GAAP

What is GAAP?Generally Accepted Accounting Principles (US) are the commonly followed and accepted set of rules, procedures, and guidelines adopted by SEC (Securities and… Read Article
Bad Debts

Bad Debts

Bad Debts Meaning Bad debt is a receivable that is now irrecoverable from that person who was supposed to pay the same. The reason… Read Article
Trial Balance

Trial Balance

Trial Balance Meaning The trial balance is a bookkeeping systematized worksheet containing the closing balances of all the accounts. There are two sides to… Read Article
Fixed Asset Accounting

Fixed Asset Accounting

What are Fixed Assets? Fixed assets are tangible assets purchased for the supply of services or goods, use in the process of production, letting… Read Article
Accounting Principles

Accounting Principles

What are Accounting Principles? Accounting Principles are the rules and benchmarks in the accounting field a company should follow while reporting the financial statements. The… Read Article