Previously known as balance sheet, it is a detailed projection of the assets, liabilities, and owners' equity of a business...

It stands for statement of financial position; previously known as balance sheet, it is a detailed projection of the assets,...

The gradual diminution, loss or decrease in the utility value of an asset as resulting from wear and tear. Depreciation...

An accounting concept that associates revenue generated in a specific period with all the costs/ expenses incurred or necessary to...

An accounting basis of recording transactions and events whereby recognition of revenues and expenses takes place when an economic exchange...

An accounting basis of recording transactions and events only when cash receipt/ payment is involved. More specifically, cash accounting is...

The process (and accounting practice) of increasing the recorded value of an asset or a liability. It also refers to...

In relation to debts (liabilities) and receivables/ inventory (assets)- usually associated with credit sales), it is the elimination of the...

The process of reducing part of the balance of an asset due to occurrence of some economic event that negatively...

The collective or overall well-being of a group/ community of people and institutions that are being served by professional accountants...