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
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
Meaning and Different Types of Assets
What are Assets in Accounting?An asset is a resource or property having a monetary/economic value possessed by an individual or entity capable of generating… Read Article
Owner’s Equity
Owner’s Equity: MeaningIn simple terms, the definition of owner’s equity can be stated as “A part of the total value of a company’s assets… Read Article