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
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
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
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
EBIT, or Earnings Before Interest & Tax, is an important measure of a company’s profitability. It measures the profit a company earns from its… Read Article
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 – Definition
C Corporation is the most widely recognized, distinct legal entity under United States Federal Income Tax Law (USA), wherein a corporation… Read Article
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
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
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