Accounting Basics

Following are the main concepts of cost accounting: Cost                                                                   There is a cost involved to…

Cost accounting is the application of accounting and costing principles, methods, and techniques in the…

Depreciation can be calculated using any of the following methods, however the most popular methods…

Let us see the accounting entries related to assets and depreciation: S.No.ParticularsJournal Entries1Purchase of Fixed…

Here is why we need to provide depreciation: ●      To ascertain the true profit during a…

Depreciation reduces the value of assets on a residual basis. It also reduces the profits…

Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments of cash to…

Like current assets, current liabilities are immediate liabilities of the firm that are to be…

Assets that are convertible into cash within the next accounting year are called current assets.…

The equation of equity is as follows: Owner Equity = Assets – liability The owner…