Accounting

The WIP accounting stands for “work in progress” Accounting. This is the financial and accounting term used to track the cost and value of partially completed projects, products, and services that are in the process of being manufactured, developed, and delivered.WIP accounting is particularly relevant in industries where the production or services delivery process involves […]

It is a wish of every entrepreneur that when they start a business, they can utter all the business activities and projects without any errors so that they accomplish their commercial goals within a specific fixed time period. It’s all possible when we utilize accounting tools for small business to large business. We all know

As we know real estate accounting is the main focus on the practice of organizing and understanding the real estate finance situation. In real estate accounting the accountant mainly focuses on the record of the buying, selling, and renting of the properties. If accountant does professional real estate accounting so they will be successful in

The Efficiency ratio is one of the component of financial ratio analysis which is known for calculating that the company is going into profit or losing. The efficiency ratio is to check the accessibility and excitability of the activities, resources happening in the company to calculate its net income. The Efficiency ratio is not like

Forensic Accounting is an art of investigation over accounting records, books, financial statements, and all financial-related records and documentation. The result of forensic accounting is mostly used for legal work and for resolving conflict. It is just like the evidence or proof which comes after the investigation. This job requires highly technical and experience skills

Accounting Information System (AIS) is an assemblage of activities prepared in a business organization done by business staff for inspection of the business each department such as: Collection of purchase and sales reports Scan the business expenses such as bills, rent. Survey of revenue earned from sales Check the usable stock, inventory for sale process

Flowchart is a diagrammatic tool that allows us to explain our point through the chart, shapes, lines, graph, styles, color, customize and so on. There are many best flowchart software available on the internet mainly for companies. Suppose you are an Employer of a reputed company and you have to give a presentation related to

Accrued liability is treated as an expense that we use for our purpose but we do not pay. If we talk about the accrued expense, it would be an expense for us which we borrow from someone such as a lender, bank or financial institutions etc. In simple words, we can describe this concept in

An asset is something that is used in the business for the continuity of getting revenue by transferring into customers or clients in exchange for money or cash which is counted as income from the business Or we can say that an asset is goods or services which is provided to the clients and company

Profit is one of the most widely watched financial metrics in evaluating the financial health of a company. Accounting profit and economic profit are having some similarities, but there are few differences between them. In this blog, we are going to discuss Accounting Profit vs Economic Profit. Accounting Profit Accounting profit refers to the Gross revenue

Accelerated depreciation is referred to those methods where the asset cost is depreciated at a faster rate than the straight-line method and therefore it leads to larger depreciation expenses in the earlier years than the later period of the asset’s useful life.  An asset is largely used at the beginning of its life when it

Every business whether it is small or big needs to prepare financial statements for balancing and determining the actual position of business. Profit and loss account, which we also called income statement, even all the profit transactions is recorded in the debit side of income statement and loss transaction is recorded in credit side of