6. Equity
Equity is defined as “the residual interest in an entity’s assets that remains after liabilities...
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. Net Identifiable Assets
Net identifiable assets in economics refer to the value of a company’s physical assets, such...
6. Unadjusted Trial Balance
An unadjusted trial balance is a financial statement that lists the balances of all the...