What is a Balance Sheet? A Balance Sheet, also known as a statement of financial position, is a financialreport that provides a snapshot of a company’s financial health at a specificpoint in time. It outlines what a business owns (assets),…
A Profit & Loss (P&L) Statement, also known as an income statement, is a financial report that summarizes a company’s revenues, expenses, and profits (or losses) over a specific period. It’s a critical tool for understanding a business’s financial performance and…
Introduction A) Accounting Concepts 1. Entity Concept 2. Money Measurement Concept 3. Periodicity Concept 4. Accrual Concept 5. Matching Concept 6. Cost Concept 7. Realisation Concept 8. Dual Aspect Concept B) Accounting Conventions 1. Conservatism Convention 2. Consistency Convention 3.…
Table of Contents Introduction Meaning of Accounting Branch Different Branches of Accounting » Financial Accounting » Managerial (Management) Accounting » Cost Accounting » Auditing » Tax Accounting » Fiduciary Accounting » Project Accounting » Forensic Accounting » Fund Accounting »…
Why Your Business Growth Depends on the Right Choice When it comes to managing business finances, one of the earliest and most important decisions you’ll make is choosing between cash basis accounting and accrual basis accounting. While cash basis accounting…
Accounting information is the backbone of every business decision. It provides valuable insights into a company’s financial performance, helping various stakeholders both internal and external make informed choices.Different groups use accounting information for different reasons: investors assess profitability, employees evaluate stability,…
In the world of finance and business, the terms bookkeeping and accounting are often mentioned together, but they are not the same. Both play vital roles in maintaining a company’s financial records, yet each serves a distinct purpose. Understanding the difference between bookkeeping and…
Accounting is often referred to as the language of business, as it systematically records and communicates financial information. At the heart of this system lies the classification of accounts and the golden rules of accounting, which guide every financial transaction.Understanding these basic accounting principles…
In today’s fast-paced and unpredictable business environment, small and medium-sized enterprises (SMEs) are under increasing pressure to manage growth, cash flow, and compliance, all while staying agile and competitive. For many SMEs, hiring a full-time Chief Financial Officer (CFO) isn’t…
In business, what gets measured gets managed, and budgeting is one of the most powerful tools you have to measure and manage your financial success. Yet, many businesses operate without a clear budget, leading to unexpected expenses, cash flow problems, and…
