Accounting

Nonmonetary assets and monetary assets are distinct. The difference between them lies in the degree of ease with which a cash value can be

Manual and Computerized Accounting: In today’s globalized environment, computerized accounting systems and professional awareness of them have become a must. Businesses of all types

What are accounting concepts and conventions? In this blog, we have discussed the difference between concepts and conventions of accounting. Very often, accounting is

The Trading Account and Profit and Loss Account are two essential components of financial statements of any concern. While Trading Account shows gross results

Both Purchase Book and Purchase Account relate to the recording of stock transactions, yet they are not the same. While Purchase Book is a

An invoice and a voucher are two important documents when it comes to recording transactions in a business. Sometimes these are used interchangeably, but

Accounting is most often referred to as the language of business. It is so because accounting serves as a means of communicating and presenting

In partnership firms, the capital account of a partner may be maintained either as a Fixed Capital Account or a Fluctuating Capital Account. Both

Internal vs external reconstruction: Financially unsound companies often go for reconstruction arrangements to come out of financial difficulties. Reconstruction involves reorganizing or reconstituting the

Companies do not operate in isolation. In addition to their employees and customers, they also interact with other businesses, the government, local authorities, and