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Accounts Expenses – Definition, Types and Categories
What are Accounts Expenses? Definition: Accounts expenses are defined as those expenditures that a company makes to ensure the smooth running of the business. These expenses represent the cost of doing...
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What are the 13 Basic Accounting Principles?
Accounting principles are defined as the general rules, regulations, and guidelines that are used for governing the field of accounting. The purpose of accounting principles is to convey financial...
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Accounting Period – Definition, Types, Concept & Regulation
What Is An Accounting Period? Definition: An accounting period is defined as the period of time for which a business performs its accounting functions and prepares financial statements to report all of...
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Accounts Payable – Definition, Process and Example
What is Accounts Payable? Definition: Accounts payable is defined as the amounts due to a company or business when they purchase goods or services from the suppliers on credit. Accounts payable AP...
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Acid-Test Ratio – Definition, Calculation and Formula
What is an Acid Test Ratio? Definition: An acid-test ratio is defined as a financial measure of a firm’s potential to repay its immediate liabilities, which means the loans/ debt need to be paid in a...
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Accrual Accounting – Definition, Categories and Its Impact
What is Accrual Accounting? Definition: Accrual accounting is defined as an accounting method in which revenues or expenses are recorded at the same time when a transaction takes place instead of when...
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What is Accrued Interest? – Definition and Examples
What is Accrued Interest? Definition: Accrued interest is defined as the amount of interest that must be paid on debt like a bond, but not paid yet. It is booked at the final stage of an accounting...
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Accounting System – Definition, Types and Softwares
What Is An Accounting System? Definition: An accounting system is defined as a financial system that helps businesses to manage, record, and use their financial transactions. Business owners know the...
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Accounting Profit – Definition, Calculation and Example
What Is Accounting Profit? Accounting profit is defined as the firm’s net revenue obtained by subtracting all the expenses from the gross revenue. Accounting profit calculation follows the standards...
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Accounting Method – Definition, Types and How to Select It
What is Accounting Method? Definition: An accounting method is defined as a set of rules which are adhered to by a company while maintaining its financial records and transactions. The company’s...
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Accounts Receivable Turnover – Definition and Formula
What is Account Receivable Turnover? Definition: The accounts receivable turnover is defined as the efficiency ratio used to measure how efficiently a company is collecting accounts receivable. Account...
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Accounting Concepts – Meaning And Its Types
What is Accounting Concepts? Definition: Accounting concepts are defined as the fundamental rules, assumptions, and principles that work as the foundations of preparing accounts and bookkeeping...
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Accounts Receivable – Definition, Process and Methods
What is Accounts Receivable? Definition: Accounts Receivable is defined as the pending bills or money that customers or clients owe to a company. It is the outstanding invoices or the money that the...
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Top 20 Accounting Interview Questions and Answers
What are Accounting Interview Questions? Accounting interview questions are the questions that the employer, hiring manager, or interviewer can ask for recruiting someone for the job position of an...
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Absolute Return – Definition, Formula and Features
Absolute return is the return that an asset or portfolio achieves over a specified period. This return can be positive or negative. It is expressed as a percentage, and it considers the appreciation or...
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Average Fixed Cost – Definition, Formula and Examples
What is the Average Fixed Cost? Definition: Average fixed cost is defined as the amount it costs to a business for producing a unit of its product. AFC is determined by dividing the total fixed cost by...
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Transfer Pricing – Definition, Working, Methods and Example
Transfer pricing (TP) can be understood as the procedure that globally expanded organizations follow while transferring merchandise or goods starting with one division then onto the next division,...
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Accrued Expenses – Definition, Types and Examples
What is an Accrued Expense? Definition: Accrued expense is defined as an expense of a particular accounting period for which a company accounts for, but for making that expense, the company has not...
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Accrued Revenue – Definition, Principles and Examples
What Is Accrued Revenue? Definition: Accrued revenue is defined as the revenue that is recognized by a business but its invoice is yet to be billed to the users and hence payment is not realized yet....
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Bill of Materials (BOM) – Definition, Example, Types and Benefits
Bill of materials is a detailed list of raw materials, sub-assemblies, intermediate assemblies, drawings, documents, and instructions required to manufacture, fabricate, or repair an end product. It is...
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