Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Top 5 Career Options for Accounting Graduates
If you’re an accounting graduate, congratulations on completing a rigorous academic program that has prepared you for a bright future in the business
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What is Business Entity Concept?
The business entity concept is a fundamental accounting principle that defines a business as a separate economic entity from its owners. This principle is
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The Impact of Inventory Control on Business Profitability
Efficient inventory control is key to keeping a profitable and smooth-running business. Strategic stock levels management prevents businesses from wastage,
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What is the Cost of Goods Sold? Definition | Formula
Cost of Goods Sold (COGS) is a financial metric representing the cost of the products or services a company sells during a given period. It is an important
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Understanding the Face Value of a Share: A Beginner’s Guide
If you’re new to the stock market, you may have heard the term “face value” being used when referring to shares. But what does it actuall
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What is a Joint Venture? Meaning and Purpose
A joint venture is a business agreement between two or more parties to pool their resources to achieve a goal or undertake a specific project. The parties
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What is a Fictitious Asset in Accounting?
When checking the financial statements of a company or solving an accounting problem you might have come across a term fictitious asset. The term “fi
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What are sundry expenses?
Sundry expenses refer to all those small, miscellaneous expenses that businesses incur during their operations but don’t fall under any specific cate
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What is Prepaid Expense? Journal Entry in Books
Prepaid expenses are expenses that a company or business pays for in advance but which have not yet been incurred or used. These expenses can include items
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What is the Matching Principle of Accounting?
The Matching Principle is a fundamental accounting concept that aims to ensure that expenses are recognized in the same period as the related revenues. It