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Financial Accounting

What is an invoice in Accounting?

An invoice is defined as: An itemized bill for goods sold or services provided, containing individual prices, the … Read More

Difference Between Expenditure, Cost and Expenses

By the end of this article, you will be able to learn: What is the expenditure? What is … Read More

What are Expenses in Accounting? | Definition | Example

Reporting profit or loss and other comprehensive income involve two concepts related to the decrease of economic benefits to the … Read More

What is Equity in Accounting?

Equity is the third major element of the statement of financial position. The definition of equity is shown in … Read More

What are Liabilities? Current & Non-Current Liabilities

A liability is an obligation of the business that will have to be settled in the future. The definition is … Read More

What Are Assets? Current & Non-Current Assets

An asset is something that a business owns that has an economic benefit in the future (see GAAP box). GAAP An … Read More

Types of Business Organizations

In general, business entities can take one of three forms, as illustrated in Figure 1: a limited liability company, … Read More

Who are the Users of Accounting Information? | Internal and External Users

By the end of this tutorial, you will be able to learn: What are the uses of accounting … Read More

Cash and Internal Control | Financial Accounting

Any activity involving money is referred to, among accountants, as a transaction. Any transaction which involves an immediate … Read More

How Can Managers Use Accounting Information?

Those responsible for managing a business from day to day require accounting information to: 1. Ensure that business … Read More

What is Financial Accounting?

Financial accounting involves two related functions – the recording of transactions and the preparation of financial statements. A … Read More

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From the same category

  • What is Financial Accounting?
  • How Can Managers Use Accountin...
  • Cash and Internal Control | Fi...
  • Who are the Users of Accountin...
  • Types of Business Organization...
  • What Are Assets? Current &...
  • What are Liabilities? Current...
  • What is Equity in Accounting?
  • What are Expenses in Accountin...
  • Difference Between Expenditure...
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  • Accounting
    • Financial Accounting
    • Managerial Accounting
  • Finance
  • Personal Finance
  • Articles
    • Books
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