Category: Accounting

The main difference between Book Value and Market Value is that Book value of an asset grants its accounting value, which is nothing but the historical cost less accumulated depreciation/amortization,…

The main difference between Accounting Concept and Accounting Convention is that Accounting concepts are the essential accounting assumptions that act as a ground for recording business transactions and preparation of…

In broader terms, the process of accounting deals with keeping detailed records and predicting the economic nature of business. It gives the assurance that all the actions going on in…

Accounting is the process of keeping detailed records, categorizing and predicting the economic nature of business. It deals with making sure all the accounts of a company are maintained and…

Debit and Credit are two terms used mostly in Banks and are associated to money and dealings. These are entries in double entry bookkeeping made in account ledgers in order…