Markup and Margin Explained

Markup The amount added to the cost price of goods to cover overhead and profit. Margin An amount … Read More

Disposal of Fixed Assets

In addition to acquiring and depreciating fixed assets, businesses often dispose of them. The following are the most … Read More

Intangible Assets

Assets such as patents and copyrights that have no physical form; they are valuable because of the special … Read More

Stockholders Equity

Shareholders’ equity is the phrase used to describe owners’ equity in a corporation. The stockholders’ equity of a … Read More

Depreciation Methods

The process of allocating a fixed asset’s cost to expense over its useful life is referred to as … Read More

Non-Current Assets

Typical business assets are divided between non-current assets, which are expected to be retained by the business for … Read More

What is Fraud Triangle?

Fraud Triangle The combination of perceived pressure, rationalization, and perceived opportunity necessary to commit fraud. For fraud to … Read More

Differences between FASB and IFRS

The major difference between international accounting standards (IFRS) and US accounting standards (GAAP) is the use of current … Read More

Unadjusted Trial Balance

Definition: A trial balance prepared at the end of the accounting period, before the adjusting entries are made. … Read More

Post-Closing Trial Balance

A list of the accounts and their balances at the end of the accounting period after closing entries … Read More

Closing Entries

Journal entries prepared at the end of the accounting period to zero out the revenue, expense, and dividend … Read More

Adjusted Trial Balance

Adjusted trial balance is a list of all the accounts of a business with their adjusted balances. Before … Read More