Month: March 2021

Accounting period refers to the time period for which accounting books are balanced and preparation of financial statements is done by business entities to evaluate their financial performance or for reporting to external...

Accounting can be defined as the process of maintaining financial records and estimates and using the information to take critical financial decisions. In simple words, accounting is an art of recording all transactions of...

There are four Financial Statements which are prepared during an accounting year. In this article, we will focus our attention on the Income Statement. We will learn what the income statement is, how is it prepared. The income...

What is Fixed Asset? Fixed asset, in accounting, is defined as a long-term asset having lifespan > 1 financial year and value > capitalizing limit. They are typically bought to generate income. They are also known as...

Expenses are as important for a company as revenues. A business can’t earn revenue, if it does not make necessary expenses. We can divide business expenses primarily into capital expenditure or CAPEX and operation expenditure or...