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Basic Accounting Transactions
In this lesson, we are going to learn how basic transactions move through the accounting…
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Introducing The Complete Accounting Equation
Remember in Lesson 2 we learned the basic form of the accounting equation as: Assets…
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What is Revenue, Expense and Drawing
In Lesson 2 we defined the terms Asset and Liability. In this lesson we will…
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The Accounting Equation
The accounting equation! Probably sounds intimidating. Don’t worry, it really is as simple as ABC.…
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What are Assets and Liabilities in Accounting
The words “asset” and “liability” are two very common words in accounting. Some people simply…
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An Overview of Contracts and Why They are Important to Business and Society
Contracts govern all transactions whether they are between firms or between firms and private individuals.…
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Need for a Theory of Accounting to Improve the Accounting Profession
Creative Accounting and the Need for a Theory of Accounting The rise of “creative accounting” practices, an…
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Need for a Uniform and Common Theory of Accounting
The frequent attempts by experts and professionals on having a “theory” that would guide accountants…
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Working Capital Cycle
Generation and disbursement of cash is carried out in the manner depicted by the following…
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Gross Working Capital and Net Working Capital
Gross working capital means the investment in current assets, whereas the Net working capital means…