Financial Accounting Concepts
Financial accounting is the process of recording, classifying, summarizing and communicating information about a business’s finances.
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What is the Double Entry System of Book-Keeping?
Double entry system is a common bookkeeping system used in accounting. It is one of the oldest known bookkeeping systems and has existed since ancient time
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What is Batch Costing? How is it Different From Job Costing?
Batch costing is a form of specific order costing in which costs are attributed to batches of products. A batch might also be called a ‘production run’. A
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5 ways to improve liquidity ratios
Liquidity ratios are crucial financial indicators that measure a company’s ability to meet short-term obligations. For business owners, maintaining h
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Write a note on accounting for payroll
Accounting for payroll is a fundamental aspect of managing human resources and ensuring accurate financial records. This procedure entails keeping track of
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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 Purchase are two widely used methods of acquiring assets, particularly in business. Although both options involve using an asset for payment
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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