Abnormal loss is regarded as such a loss that has happened over and above the normal loss and is caused by any unexpected events such as... View Article
Cash in hand is considered the most liquid asset in accounting. Also read: What Is a Fixed Asset What Are Current Assets What Are Current... View Article
Cash equivalents are those items that can be easily converted into cash in a business. The example of cash equivalents is marketable securities... View Article
Yes, bank overdraft is considered as a current liability that is payable within the current accounting period. Also read: What Is a Fixed... View Article
Cash is considered an asset as it increases the value of a business. Specifically, cash is considered a current asset. Also read: What Is a... View Article
Some of the examples of current liabilities are bills payable, short term debt, accounts payable and wages. Also read: What Is a Fixed Asset... View Article
The three types of assets can be broadly classified as follows Based on convertibility (current assets and non current assets) Based on... View Article
The purpose of marshalling of assets and liabilities is to promote fair dealing of assets and liabilities. Also read: Marshalling of Assets... View Article
Order of liquidity in accounting refers to the arrangement of assets and liabilities in a balance sheet based on their liquidity. The assets are... View Article
Order of permanence in accounting is the order of arranging assets in order of their permanency, i.e. assets that are most permanent are shown... View Article
Marshalling of assets and liabilities refers to the process of arranging the assets and liabilities in a balance sheet in a specific order. Also... View Article
The seven steps in the accounting cycle are as follows: Identifying and Analysing Business Transactions Posting Transactions in Journals... View Article
Depending on the situation, a suspense account can be any type of account ( i.e personal, real or nominal account). Let us understand this with... View Article
The GDP deflator is calculated by dividing nominal GDP by real GDP and multiplying it by 100 Further Reading: What is GDP? Inflation in... View Article
The GDP deflator is also known as implicit price deflator and is a measure of inflation. It is used to analyse the extent to which the increase... View Article
