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STATEMENT

What is the statement of financial position? The statement of financial position is another name for the balance sheet. It is one of the mai...

NET ASSETS

What is the meaning of net assets? Net assets is defined as total assets minus total liabilities. In a sole proprietorship the amount of net...

WHAT IS ACCOUNTING

What is accounting? Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the...

BALANNCE

1. Balance Sheet Let's see how the basic accounting principles and guidelines affect the balance sheet of Mary's Design Service, a s...

COMPARATION

Other Characteristics of Accounting Information When financial reports are generated by professional accountants, we have certain expecta...

REVENUE

8. Revenue Recognition Principle Under the accrual basis of accounting (as opposed to the cash basis of accounting), revenues are recognized...

ACCOUNTING

ACCOUNTING Introduction to Accounting Principles There are general rules and concepts that govern the field of accounting. These general rul...

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