Types of Accounting Transactions – Explanation and Examples
Accounting Transactions refer to any activity that can have a direct impact on the financial statements of an organization. It is the first step… Read Article
Financial Accounting
Long Term Liabilities – Meaning, List, Calculation, and Use
Long Term Liabilities: MeaningLong-term liabilities are the financial obligations of a company that does not become due in the current financial year. Moreover, these… Read Article
Provisions in Accounting – Meaning, Example, Types and Importance
What are Provisions in Accounting?Provisions in accounting are a way to meet an uncertain expense or an upcoming liability. For example, bad debt occurs… Read Article
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
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