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
Cash Basis Accounting

Cash Basis Accounting

What is Cash Basis Accounting? Cash basis accounting is an accounting method in which records of the revenues are on its actual receipt and… Read Article
C Corporation

C Corporation

C Corporation – Definition C Corporation is the most widely recognized, distinct legal entity under United States Federal Income Tax Law (USA), wherein a corporation… Read Article
partnership

Partnership

Due to the limitations of the sole proprietorship, many decide to enter into a partnership. Not everyone has everything. Some may have the capital,… Read Article
Sole Proprietorship

Sole Proprietorship

We come across many business forms in today’s world, like a partnership, Joint Ventures, Limited Liability Partnership (LLP), etc. Here, we shall discuss one… Read Article
Accounting Equations

Fundamental Accounting Equation

What is the Accounting Equation?In the realm of finance and accounting, there exists a fundamental equation that serves as the cornerstone of all financial… Read Article