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Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. Learn about the origin, methods, and steps of bookkeeping, as well as the related professions and terms.
Learn the meaning and history of debits and credits in double-entry bookkeeping, and how they are used to record changes in value from business transactions. Find out the rules and examples of debits and credits for different types of accounts.
A journal entry is the act of recording transactions in an accounting journal that shows debits and credits. Learn about the types of accounts, the golden rules of accounting, and how to record journal entries in accounting software.
Goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets, and it is not amortized or impaired under U.S. GAAP and IFRS.
Learn the difference between FIFO (first-in, first-out) and LIFO (last-in, first-out) methods of inventory and financial accounting. See how they affect the cost of goods sold, the ending inventory, and the tax implications.
The accounting equation is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. It states that assets minus liabilities equals equity, and it can be applied to various transactions and financial statements.
Creative accounting is a term for accounting practices that distort results in favor of the preparers, often with questionable ethics. Learn about the motivations, types, and consequences of creative accounting, such as Hollywood accounting, Tobashi schemes, and Enron scandal.
Learn how accounting originated in ancient civilizations and evolved over time. Explore the early development of accounting in Mesopotamia, Egypt, Babylon, Rome, India, and China, and the modern profession of chartered accountancy.