Accounting Equations

Fundamental Accounting Equation

What is the Fundamental Accounting Equation?The fundamental accounting equation seeks to explain the relationship between the assets constituting a business and the funds that… Read Article
Bills Payable

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

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
Meaning and Types of Liabilities

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