Purpose of this section “Basics of Accounting” is to make you acquainted with the fundamentals of accounting and basic terminologies.…
Debits and credits are undoubtedly the most commonly used terms in accounting. But before we go into the details of…
In accounting, the term account is used for a unique space where all the transactions of a specific item are…
Income statement is a financial statement that shows an entity’s financial performance during a particular period of time. Owners are…
Balance sheet is a financial statement that shows an entity’s financial position at a particular point in time. By nature,…
Financial statements are summarized reports representing the financial position of a business at any particular date and representing the financial…
Any event or activity that influences either the financial position or financial performance of the business is called business transaction.…
What is accounting? Let’s share a little story of a ten year old kid named Ricardo. On every birthday, he…