9. Revenue Recognition Principle
According to the revenue recognition principle, income must be recorded when it is generated rather...
12. Matching Principle
The matching principle, which requires revenues and costs to be recognised in the period in...
18. Comparability Principle
The comparability principle is an important accounting concept that states that financial statements must be...
20. Subsequent Events
Events that take place after the balance sheet date but before financial statements are released...
6. Net Identifiable Assets
Net identifiable assets in economics refer to the value of a company’s physical assets, such...
7. Consolidation Worksheet
Consolidation worksheet is a tool used in accounting and finance to combine the financial statements...
1. Accounting Cycle
The accounting cycle is the process of recording, classifying, and summarizing financial transactions to provide...
2. Journal Entries
Journal entries are the first step in the accounting cycle and are used to record...
3. Ledger Accounts
A ledger account is a record of financial transactions that relate to a specific asset,...