13. Contra Account
A contra account is an account that is used to offset or reduce the value...
14. Permanent vs Temporary Accounts
Permanent accounts are also called real accounts. These accounts represent the ongoing, long-term activity of...
15. Revenue Accounts
Revenue accounts are those accounts in the ledger that are used to record the revenue...
16. Expense Accounts
An expense account is an account that is used to track the expenses of a...
17. Financial Vs Managerial Accounting
Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information...
4. Going Concern Concept
An accounting theory known as the “going concern concept” believes that a company will continue...
6. Monetary Unit Assumption
The monetary unit assumption is one of the most important assumptions in accounting. It states...
7. Fraudulent Financial Reporting
It is a kind of corporate fraudulent in which the perpetrator intentionally misleads investors, creditors,...
8. Time Period Principle
One of the most fundamental accounting principles is the time period principle. Businesses are required...
9. Revenue Recognition Principle
According to the revenue recognition principle, income must be recorded when it is generated rather...