Like current assets, current liabilities are immediate liabilities of the firm that are to be…

Assets that are convertible into cash within the next accounting year are called current assets.…

The equation of equity is as follows: Owner Equity = Assets – liability The owner…

Financial statements are prepared to ascertain the profit or loss of the business, and to…

Trial balance is a summary of all the debit and credit balances of ledger accounts.…

Accounting cycle refers to the specific tasks involved in completing an accounting process. The length…

On a particular date, reconciliation of our bank balance with the balance of bank passbook…

There is a difference between a purchase book and a purchase ledger. A purchase book…

Bills payable issues to the supplier of goods or services for payment, and the record…

Bills are raised by creditors to debtors. The debtors accept them and subsequently return them…