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
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
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: 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