Assets are the properties or wealth of a business. A business maintains a set of assets that are usually classified...
Financial statements
Loss or gain means one thing or the other to every professional. In business, those who lack detailed accounting knowledge...
Profit or loss is the risk of doing business. Although profit will bring a smile to the businesspersons face, the...
In the last lesson, we learned the meaning of assets, and a detailed explanation was added. In this lesson, the...
What exactly are assets? Too many person assets are those resources a business used to earn revenue and profit. To...
Ordinarily, liabilities are obligations a person owes to another person. In personal finance, a liability is a debt a person...
To arrived at net income or total comprehensive income, expenses are deducted from the gross income. What are the expenses...
What exactly is income? To help understand it, after defining income, we will analyze the term from various aspects. That...
A financial statement is not complete, unless if a note or footnote, as it is sometimes called, is included in...
A summary of the significant accounting policies used in the preparation and presentation of the financial statement of a business...
