Single Entry System – Meaning, How it Works, Advantages, and Disadvantages
What is a Single Entry System?A single entry system of accounting is a system wherein only one-sided entries are passed in the books of… Read Article
Financial Accounting
Revaluation Reserve – Meaning, Accounting, Journal Entries, and Example
Revaluation Reserve: MeaningA company creates Revaluation Reserve to reflect an asset’s true value. It is a non-cash reserve that reflects the true value of… Read Article
Revaluation Surplus – Meaning, Journal Entries, and Example
What is Revaluation Surplus?Revaluation Surplus is an equity account where all upwards adjustments in the value of a company’s assets are systematically recorded. Some… Read Article
Not-for-profit Organization – Meaning, Types, and Features
What is a Not for Profit Organization?A not-for-profit organization, as the word suggests, does not focus on earning profits. Instead, social welfare or charity… Read Article
Full Disclosure Principle – Meaning, Explanation, Pros, and Cons
What is the Full Disclosure Principle?The Full Disclosure Principle, as the word suggests, means that a company should disclose all relevant information in its… Read Article
Accounting Conservatism – Meaning, How it Works, Pros, Cons, and Uses
Accounting Conservatism PrincipleAccounting conservatism refers to the bookkeeping and accounting guidelines that call for following conservative accounting practices. These guidelines help firms avoid overestimating… Read Article
Bookkeeping Vs Accounting – Meaning, Differences, and Bookkeeper vs Accountant
In the financial world, the often-repeated most commonly used words are bookkeeping and accounting. These terms are though very common but are of utmost… Read Article
Going Concern Concept – Meaning, Examples, Importance, Pros, and Cons
Going Concern Concept: Meaning Going Concern Concept (or Going Concern principle) states or assumes that a business will continue to operate indefinitely. Or till… Read Article
Adjusted Trial Balance – Meaning, Format, Importance, and Example
Adjusted Trial Balance: Understanding the ConceptAdjusted Trial Balance is an internal document that lists the closing balance of all ledger accounts after making certain… Read Article
Forms of Businesses
Choosing the form of business is the most important decision that an entity has to make. What form of business an entity adopts would… Read Article
Cash Flows from Financing Activities
Every entity needs to present the cash flow statement as part of its Annual Accounts/Reports. The Cash Flow Statement consists of three sub-statements. And… Read Article