Accounting
Question Archives

Cultural economics is the study of economics as it relates to culture. It encompasses a wide range of topics, from how economics affects our everyday li…

One-for-one checking is a type of accounting in which each transaction is checked against another transaction to ensure accuracy. This method can be use…

The accounting principle requires expenses to be matched with revenues in the period in which the revenue is earned. The matching principle is used in a…

International Financial Reporting Standards, or IFRS, are accounting standards issued by the International Accounting Standards Board. These standards p…

An Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It help…

The International Accounting Standards Committee (IASC) was an independent, private sector body which existed from 1973 to 2000. Its objective was to de…

There is no single definition of “international accounting standards”, but they generally refer to accounting standards that have been adopted by countr…

The International Federation of Accountants (IFAC) is an accounting organization that develops and promotes international standards in accounting and re…

An intangible asset is an identifiable non-monetary asset without a physical existence. Examples of intangible assets include patents, copyrights, and t…

Historical cost is an accounting term that refers to the original price of an asset. This original price becomes the asset’s historical cost. Historical…

The Institute of Chartered Accountants of Scotland (ICAS) is a professional body for chartered accountants in Scotland. It was founded in 1854 and recei…

The Governmental Accounting Standards Board (GASB) is the independent, not-for-profit organization that establishes accounting and financial reporting s…

The Indian accounting standards are a set of accounting standards developed by the Institute of Chartered Accountants of India (ICAI). The ICAI is respo…

Goodwill is an accounting concept that refers to the value of a business that is not directly attributable to its physical assets or tangible intangible…

Governmental accounting is the accounting used by government agencies in order to track their spending and income. This accounting is different from sta…

Forensic accounting is the application of accounting principles and procedures to collect, analyze, and interpret financial evidence for use in legal pr…

The accounting term “going concern” refers to a business’s ability to continue operating indefinitely. A going concern is not in danger of liquidation o…

Activity-based costing (ABC) is a costing method that assigns indirect costs to products and services based on the activities that are associated with t…

The general ledger is the accounting record of all financial transactions for a company. It includes all accounts that are used to record debit and cred…

Fund accounting is an accounting system that is used by nonprofits and other organizations to track their financial activities. This accounting method d…

Fixed assets are long-term physical assets that a company uses in its business. They are also known as capital assets or property, plant, and equipment …

Environmental accounting is the process of accounting for the environmental costs and benefits of an organization’s activities. This can include measuri…

An accounting and financial audit is an independent examination of an organization’s financial statements and accompanying disclosures. The purpose of t…

Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making bu…

The accounting entity concept is the idea that a business is a separate and distinct entity from its owners. This means that the business has its own fi…

E-accounting is the accounting process that uses electronic means to collect, store, and report financial data. This includes the use of computer hardwa…

The double-entry bookkeeping system is a method of accounting that records transactions as both debits and credits. In other words, for each transaction…

An engagement letter is a formal document that outlines the terms of a business agreement. It typically includes an overview of the work to be performed…

In accounting, the dual aspect refers to the double-sided nature of every transaction. Every business transaction has two parts, and each part affects b…

Depreciation is an accounting method of allocating such cost to expense in a systematic and rational manner to those accounting periods in which the org…

Cost management is the process of planning, monitoring, and controlling costs within an organization. Cost management includes activities such as cost e…

A debit note is an accounting document that is used to request a credit from a supplier. This type of accounting document is typically used when goods a…

Cost accounting is the accounting process that tracks, records, and analyzes the costs associated with a company’s products or services. This informatio…

A credit note is a document that is issued by a seller to a buyer. This document indicates that the buyer has been overcharged for goods or services. Th…

Construction accounting is a type of accounting that specifically deals with the financial aspects of construction projects. This includes keeping track…

Comprehensive income is a term used in accounting to refer to the total amount of a company’s income. This includes both operational and non-operational…

A certified public accountant (CPA) is a professional accounting designation given to those who have completed the necessary education and examinations….

A chartered accountant (CA) is a professional accounting designation given to accounting professionals in many countries around the world. In order to b…

Certified Management Accountants (CMAs) are accounting professionals who have met rigorous education and experience requirements and have passed a Unifo…

The chart of accounts is a listing of all the account titles that a company has identified and made available for recording transactions in its accounti…