Accounting Conventions
Accounting conventions are guidelines used to help companies determine how to record certain business transactions that have not yet been fully addressed by accounting standards.… Read More »Accounting Conventions
Business Accounts
Accounting Concepts
The accounting concepts refer to the basic assumptions and rules and principles which work as the basis of recording business transactions and preparing accounts. This… Read More »Accounting Concepts
What are Financial Statements?
Financial statements are the statements that provide the financial performance of an organization at the end of a financial year. It represents a formal record… Read More »What are Financial Statements?
What are Liabilities?
Liabilities are recorded on the right-hand side of the balance sheet, which includes different types of loans, creditors, lenders, and suppliers. They can be of… Read More »What are Liabilities?
What are Tangible Assets?
Tangible assets are assets That have a definite monetary value and physical form. Tangible assets are of much importance to a business as they hold… Read More »What are Tangible Assets?
What are Intangible Assets?
Intangible assets are assets that are not physical in nature. Goodwill, brand recognition, and intellectual property, such as patents, trademarks, and copyrights are all considered… Read More »What are Intangible Assets?
What are Current Assets?
Current assets are assets that a company holds and can be easily sold or consumed and further lead to the conversion of liquid cash. For… Read More »What are Current Assets?
What is Goodwill?
Goodwill is an intangible asset of the company. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and… Read More »What is Goodwill?
What are Fixed Assets?
Fixed assets are the long-term tangible assets that are used by businesses in generating income. Fixed assets provide the firm with long term financial gain… Read More »What are Fixed Assets?
Methods of Pricing Material
Methods of Pricing materials may be grouped under 3 broad categories. They are 1. At Cost Methods 2. Average Cost Methods 3. Notional Price Methods.… Read More »Methods of Pricing Material