1. Accounting Introduction
Accounting is the method of documenting, gathering, and analysing financial transactions in order to produce...
2. Business Transaction
A business transaction is a monetary acitivity that involves the exchange of goods, services, or...
3. Accounting Equation
The accounting equation is cornerstone for double-entry bookkeeping. It states that resources (also known as...
4. Expanded Accounting Equation
The fundamental accounting equation is extended to incorporate new components like owner’s capital, common shares,...
8. Time Period Principle
One of the most fundamental accounting principles is the time period principle. Businesses are required...
14. Materiality Concept
Accounting professionals are required to record and disclose information that is relevant to the financial...
17. Understandability
Understandability is a qualitative characteristic of accounting information that refers to the ease with which...
19. Consistency Concept
The consistency concept in accounting states that a corporation should employ the same accounting principle...