Fixed Asset
What is Fixed Asset?A fixed asset, in accounting, is defined as a long-term asset having a lifespan > 1 financial year and a value… Read Article
Balance Sheet
Capitalizing Assets
What are Capitalizing Assets?Capitalizing assets means you are carrying an asset to the balance sheet. It indicates you purchased an asset, the life of… Read Article
Intellectual Property Rights
Meaning of Intellectual Property RightsIntellectual property is the creation of the minds of an individual which has commercial and moral value. Intellectual property rights… Read Article
Intangible Assets and its Types
An intangible asset is a useful resource without any physical presence. Patents, copyrights, trademarks, goodwill, etc., are intangible assets. Such assets produce economic benefits,… Read Article
Bills Payable
Meaning of Bills PayableBills Payable (B/P) is a liability document that shows the indebtedness of an individual, an organization, etc. When an individual or an… Read Article
Notes Payable
Definition of Notes PayableWhen a company issues promissory notes, it maintains the records of the amount of promissory notes issued in a ledger account.… Read Article
Capitalizing Versus Expensing Costs
Capitalizing versus expensing different costs during the accounting of long-lived assets will have an effect on the company’s profitability, financial ratios, and trends. Both… Read Article
Revaluation of Long-Lived Assets
Revaluation of long-lived assets is an important technique in finance that is used to figure out the true value of the assets owned by… Read Article
Impairment of Long-Lived Assets
Impairment of long-lived assets is one of the key accounting decisions taken by a company. This decision impacts the company’s profitability, classification of the… Read Article
Balance Sheet – Definition and Meaning
The balance sheet, also known as the statement of financial position, represents a given company and its financial position at a given date (generally… Read Article
Meaning and Types of Liabilities
Liabilities: DefinitionLiability is a legal obligation of an individual or a business entity towards creditors arising out of some transactions. A clearer definition of… Read Article