A statement of cash flows is one of the three types of basic financial statements, along with the balance sheet and income statement. This… Read Article
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