36 Important Terms in Accounting
1 – What are Assets and its Types? An asset is something business owns. Assets are defined as resources that help generate profit in the business. The business has the control over it. Ex: cash , Inventories (i.e., stock), inventory, office equipment, machinery, real estate, land and building, machinery, account receivables etc. Assets are classified […]
Important Steps in Accounting Cycle
The 8 Important Steps in Accounting Cycle Accounting cycle is the complete sequence of Accounting procedure beginning from identifying and recording the transaction till the preparation of final accounts. Usually, there are eight steps in accounting cycle processes starting from identifying the transaction to closing the books of accounts. One of the main duties of […]