Basics
What Is an Asset?
Assets are economic resources that provide future benefits to the business. Examples include cash, accounts receivable, prepaid expenses,…
August 16, 2021 · Boomi NathanAuthor: Boomi Nathan
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
Generally Accepted Accounting Principles (GAAP)
The goal of accounting is to ensure information provided to decision makers is useful. To be useful, information…
August 16, 2021 · Boomi NathanBasics
The elements of financial statements
Transactions and other events are grouped together in broad classes and in this way their financial effects are…
August 16, 2021 · Boomi NathanBasics
What Accountants Do
We have said that accounting consists of these functions: · Recording · Classifying · Summarizing · Reporting and evaluating the financial activities…
August 16, 2021 · Boomi NathanBasics
Preparation Of Receipts And Payments Account From Income And Expenditure Account
The practical steps involved in the preparation of a Receipts and Payments Account from an Income and Expenditure…
August 16, 2021 · Boomi NathanBasics
Preparation Of Income And Expenditure Account
The practical steps involved in the preparation of an Income and Expenditure Account from the Receipts and Payments…
August 16, 2021 · Boomi NathanBasics
Balance Sheet
Balance Sheet of a non-trading concern is prepared in the usual way and contains particulars of all assets…
August 16, 2021 · Boomi NathanBasics
Income And Expenditure Account
It is a nominal account of non-trading institutions equivalent to the Profit and Loss Account of the business…
August 16, 2021 · Boomi NathanBasics
Accounts For Non-Profit Making Organisations
Introduction Non-profit making organisations, also known as non-trading institutions or organisations, include such voluntary associations of persons as…
August 16, 2021 · Boomi NathanBasics
Insurance Policy Method
Under this method, instead of investing the money in securities an insurance policy for the required amount is…
August 16, 2021 · Boomi Nathan