Sales: Accounting Treatment
Meaning: Sales mean the exchange of goods or services for money or other consideration between…
Recognition of Deferred Revenue
Following is the Journal entry of deferred revenue:- Deferred income recognition refers to the process…
Deferred Income: Meaning, Definition, and Examples
Meaning of Deferred Income: Deferred income refers to the money received by a company for…
Fundamental Accounting Assumptions
There are mainly three fundamental accounting assumptions. Going Concern Accrual Consistency Let's discuss this in…
Methods of Accounting System
There are mainly three basis or methods of accounting system in common usage,i.e Cash Basis:Under…
Depreciation – It’s Meaning and Causes
Meaning of Depreciation: "Depreciation is defined as shrinkage in the value of an asset due…
Golden Rules of Accounting
Following are the details examples and categories of Golden Rules of Accounting:- (1) Personal account:…
Prepaid Expense Journals Entry / Accounting Entry
Prepaid expenses are expenses that a company pays in advance but will be recognized as…
Capital Introduced Journal Entry
Following is the capital introduced journal entry & meaning of capital:- Capital introduced by the…
Prepaid Expenses: Meaning, Definition, and Examples
Meaning & Definition: Prepaid expenses are expenses that a company pays in advance but will…