Current Liability – Meaning, Types, Accounting And More
Current Liability is a financial obligation that a company needs to pay within a year of incurring it. Also known as short-term liability, a… Read Article
FOB Meaning
FOB, meaning in terms of shipping, is Free on Board or Freight on Board. There are two types of FOB in shipping. The first… Read Article
Revenue Recognition Principle
The revenue recognition principle states that a firm should record revenue in its books of accounts when it is earned, realized, or realizable, and… Read Article
FOB Destination – Meaning, Types, Importance And More
Free on Board Destination or FOB Destination is one of the International Commercial Terms (Incoterms) from the International Chamber of Commerce (ICC). It indicates… Read Article
Work in Progress – Meaning, Importance, Accounting And More
As the name suggests, work in progress, or WIP, are the goods that are not complete and are at some stage of production. The… Read Article
MACRS – Meaning, Importance, Calculation And More
MACRS, or the modified accelerated cost recovery system, is the system of calculating tax deductions on depreciation in the United States. Under this, the… Read Article
Accrued Expense – Meaning, Accounting Treatment And More
Accrued expense or accrued liabilities is the term describing the payments or expenses that the company incurs or recognizes but would be due for… Read Article
Financial Planning
A firm should be managed effectively and efficiently. This means that the firm should be able to achieve its objectives by using minimum resources.… Read Article
Income Statement
There are four financial statements that are prepared during an accounting year. In this article, we will focus our attention on the Income Statement.… Read Article
Types of Cost Accounting
There are four major types of cost accounting: standard cost accounting, activity-based cost accounting, marginal cost accounting, and lean accounting.… Read Article
Chart of Accounts – Meaning, Importance And More
A chart of accounts is a list of all the general ledgers (accounts) organized in groups and sub-groups of accounts. This is the heart… Read Article