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
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
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
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
The accounting equation is the base of the “Double Entry Book Keeping System.” The definition of accounting equation with the principle of “equality” duly… Read Article