branches of accounting

Branches of Accounting

Different branches of accounting came into existence, keeping in view various types of accounting information needed by different classes of people. They may be… Read Article
Meaning and Types of Liabilities

Meaning and Types of Liabilities

Liabilities: Definition Liability is a legal obligation of an individual or a business entity towards creditors arising out of some transactions. A clearer definition… Read Article
Double Entry System of Book Keeping

Double Entry System of Bookkeeping

Double Entry Accounting under the double-entry system of bookkeeping is the scientific, self-sufficient, and accurate system of accounting which states that every transaction has a corresponding and… Read Article
Accounting Period

What is Accounting Period?

The accounting period refers to the time period for which accounting books are balanced. The preparation of financial statements is done by business entities… Read Article
owner's equity

Owner’s Equity

Owner’s Equity: Meaning In simple terms, the definition of owner’s equity can be stated as “A part of the total value of a company’s… Read Article
accounting-equation

What is Accounting Equation?

The accounting equation is the base of the “Double Entry Book Keeping System.” The equation indicates the relation between the means owned and resources… Read Article
Accounting

What is Accounting?

Accounting can be defined as the process of maintaining financial records and estimates and using the information to make critical financial decisions. In simple… Read Article