Accounting

Business entities incur all kinds of costs during the course of their operations. The incurrence of these costs while necessary to run the business, do reduce the profitability of the entity. Budgeting for costs thus assumes...

Bookkeeping is one of the first steps in the accounting process. This involves recording all financial transactions in the primary books of accounts and subsequent posting to the secondary accounts. The first of these secondary...

The terms purchasing and procurement are often considered to mean the same thing; however, there are significant differences between them. Purchasing is the term used to refer to acquisition or direct purchasing of commodities...

Financial statements are prepared for various stakeholders (both internal and external) to gauge the financial performance as well as the entity’s financial health for a specific period. Financial statements largely consist of...

The financial statements of a business which report its profitability and financial position primarily consist of a profit and loss account and a balance sheet. Accounts recorded in these financial statements fall in either of...