Revenue Accounts: Celebrating What Your Business Earns (Easy Read)
Every business thrives on income, and keeping track of that income is crucial! Revenue accounts act like a financial victory lap, recording all the money …
Generally Accepted Accounting Principles
What are the accounting standards and its limitations?
Accounting Standards: The Good, the Complex, and Everything In Between Accounting standards are like the universal language of business. They ensure companies “speak the same …
Benefits of Accounting Standards: Why They Matter More Than You Think
Ever buy a gadget with instructions that look like ancient riddles? Yikes! Accounting standards are like clear instruction manuals for companies’ finances. They ensure everyone …
Why is there a need for accounting standards?
Ever tried following a recipe where everyone uses different measuring cups? One cup of flour here, a handful of sugar there – recipe for disaster! …
The Global Language of Caution: The Conservatism Concept for Reliable Accounting
Ever plan a surprise party? You wouldn’t just buy enough snacks for the RSVPs, right? You’d grab some extras “just in case.” That’s the idea …
Unveiling the Magic: The Matching Concept Explained by an Accountant
As an accountant, I often encounter puzzlement when discussing the matching concept. It’s a fundamental principle, but its essence can feel abstract. Let’s break it …
The Dual Concept in Accounting: Practical Examples in Action
At accounting’s core lies a fundamental principle that governs how every financial transaction is recorded: the dual concept. This concept, the bedrock of double-entry bookkeeping, …
Cost Concept in Accounting: Understanding its Role and Implications
The cost concept, also known as the historical cost principle, is a fundamental accounting principle that states that assets should be recorded in the financial …
Going Concern Concept: Understanding its Significance in Accounting
The going concern concept is a fundamental principle in accounting that assumes a business will continue to operate indefinitely, without any intention or necessity of …
Money Measurement Concept: Simplified Explanation
The money measurement concept is a fundamental principle in accounting that states only transactions and events that can be expressed in monetary terms should be …