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Financial Accounting

Profit and Loss Statement

Introduction to profit and loss statement The profit and loss statement is one of the three most important financial statements that reflect any Company’s performance and financial standing over …

Fundamentals of Accounting

Fundamentals of Accounting: Meaning, Principles, Categories, and Statements Accounting is the procedure of data entry and recording, summarising, analyzing, and then reporting. This data relates to financial transactions of …

Debits and Credits

Introduction to Debits and Credits Debits and credits are two sides of the same transaction in the world of accounting. They get recognition at the time of recording the …

Liquid Assets

Meaning of Liquid Assets Liquid assets are those assets that are equivalent to or as good as cash. In other words, these are assets the conversion of which into …

Short-term Liabilities

A liability is a debt or legal obligation of the business to another individual, bank or entity. There could be both short-term liabilities as well as long-term liabilities. Liability …