The measurement principle that requires reporting values on financial statements by referring to historical cost (HC)- as a measure of...

An accounting term that is derived from the Latin word 'creditum' which means "to trust or entrust". Credit is a...

The distinct title of an accounting entry or account as it appears on its own line in a bookkeeping ledger...

Broadly speaking, it is the final total of an account or a financial statement (specifically the statement of financial position...

The net income (NI) or net earnings an entity earns after deducting all monetary costs from total revenue. It reflects...

Profit or loss pertaining to a specific accounting period before deducting tax expense. In other words, it refers to profit...