Golden Rules of Accounting
The golden rules of accounting apply to the types of accounts related to a financial transaction. There are three golden rules of accounting, which we… Read More »Golden Rules of Accounting
Business Accounts
Redemption of Debentures
Redemption of Debentures is defined as the settlement of borrowed funds by a company or a firm to their debenture holders after the date of… Read More »Redemption of Debentures
Elements of Cost
The elements of cost are those elements that constitute the cost of the manufacture of a product. We can broadly divide these elements of cost… Read More »Elements of Cost
Advantages of Accounting
Advantages of Accounting Maintaining the accounts of financial transactions according to the golden rules of accounting gives several advantages. Maintenance of Business Records: It records all… Read More »Advantages of Accounting
Types of Accounts in Accounting
There are 3 types of accounts, Personal, Real, and Nominal account. Types of Accounts in Accounting Personal Account: A personal account is a general ledger… Read More »Types of Accounts in Accounting
What is Work in Progress?
Work in Progress (WIP) refers to partially-completed goods that are still in the production process. These items may currently be transforming the production process, or… Read More »What is Work in Progress?
What is a Yield?
Yield is used to describe a certain amount earned on a security, over a particular period of time. It refers to the interest or dividend… Read More »What is a Yield?
What is Gross Earnings?
Gross earnings is the total amount of income earned over a period of time by an individual/household or a company. For individuals and households, These… Read More »What is Gross Earnings?
What is Accounts Receivable?
Accounts Receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by… Read More »What is Accounts Receivable?
What is Book Value?
Book value is a company’s equity as reported in its financial statements. It is typically viewed concerning the company’s market capitalization and is determined by taking… Read More »What is Book Value?