Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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Bank Overdraft as a Source of Finance
Bank overdraft is a common source of finance used by businesses, individuals and even governments to meet their short-term cash flow needs. An overdraft is
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What Are the Differences between Accounting and Auditing
Accounting involves tracking, reporting, and analyzing financial transactions. It covers everything from preparing individual tax returns to preparing fina
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Differences between Lease and Hire Purchase
Lease and hire purchases are two different methods of acquiring assets, such as vehicles or equipment. But both are different. Hire Purchase vs Lease Agree
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What is a Bill of Exchange?
The seamless operation of transactions is made possible by a variety of tools in the worlds of banking and commerce. The Bill of Exchange is a legally bind
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Differences Between General Reserves and Capital Reserves
Reserves are essential for strengthening a company’s financial situation. General reserves and capital reserves are two different kinds of reserves.
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What is a Promissory Note?
A promissory note is a written agreement, often referred to as a “note payable” or “IOU” (I owe you), in which one party (the maker
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Difference between COGS and Cost of sales
The terms COGS and cost of sales are often used interchangeably. However, they represent two different concepts that can have a significant impact on a com
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What is Creative Accounting?
Creative accounting is a term used to describe manipulating financial information to present a better picture of a company’s financial standing. Whil
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Difference Between Secured and Unsecured Loans
Secured Loans A secured loan is one in which the creditor pledges an asset (such as a house or a vehicle) as collateral to secure the loan. It is referred
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What is the main difference between fixed and variable costs?
Fixed costs and variable costs are two essential components of the cost structure of any business. It is essential for effective financial planning, budget
