Basics 5 min read
Concepts of Cost Accounting
Following are the main concepts of cost accounting: Cost There is a cost involved to purchase or produce anything. Costs…
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J. BoomiNathan is a writer at SenseCentral who specializes in making tech easy to understand. He covers mobile apps, software, troubleshooting, and step-by-step tutorials designed for real people—not just experts. His articles blend clear explanations with practical tips so readers can solve problems faster and make smarter digital choices. He enjoys breaking down complicated tools into simple, usable steps.
Basics 1 min read
Cost Accounting – Introduction
Cost accounting is the application of accounting and costing principles, methods, and techniques in the ascertainment of costs and the…
Basics 2 min read
Method of Depreciation
Depreciation can be calculated using any of the following methods, however the most popular methods remain (a) Straight Line Method…
Basics 1 min read
Accounting Entries Related to Assets and Depreciation
Let us see the accounting entries related to assets and depreciation: S.No. Particulars Journal Entries 1 Purchase of Fixed Assets…
Basics 1 min read
Why Do We Need to Account for Depreciation?
Here is why we need to provide depreciation: ● To ascertain the true profit during a year, it is desirable to…
Basics 1 min read
Financial Accounting – Depreciation
Depreciation reduces the value of assets on a residual basis. It also reduces the profits of the current year. Depreciation…
Basics 3 min read
Cash vs. Accrual Basis of Accounting
Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments of cash to record incomes and expenses. Therefore, under…
Basics 1 min read
Current Liabilities
Like current assets, current liabilities are immediate liabilities of the firm that are to be paid within one year from…
Basics 1 min read
Current Assets
Assets that are convertible into cash within the next accounting year are called current assets. Cash in hand, cash in…
Basics 1 min read
Owner’s Equity
The equation of equity is as follows: Owner Equity = Assets – liability The owner or the sole proprietor of…
Basics 2 min read
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to know the financial position of…
Basics 2 min read
Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts. The total of debit side…