General Concepts 2 min read
What makes P&ID important?
That’s a real question. You must know as a graduate chemical engineer why it is so important. And with that,…
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Basics 7 min read
What is the difference between financial accounting and management accounting?
Financial accounting has its focus on the financial statements which are distributed to stockholders, lenders, financial analysts, and others outside of the company.…
Basics 5 min read
What are accrued expenses and when are they recorded?
Accrued expenses are expenses that have occurred but are not yet recorded through the normal processing of transactions. Since these expenses are…
Basics 7 min read
What is petty cash?
Petty cash meaning Petty cash is a small amount of cash on hand that is used for paying small amounts owed,…
Basics 6 min read
What is owner’s equity?
Owner’s equity is one of the three main components of a sole proprietorship’s balance sheet and accounting equation. Owner’s equity represents the owner’s…
Basics 6 min read
How do I calculate the amount of sales tax that is included in total receipts?
To calculate the sales tax that is included in a company’s receipts from items subject to sales tax, divide the receipts by…
Basics 6 min read
What is the cost of goods sold?
The cost of goods sold is the cost of the merchandise that a retailer, distributor, or manufacturer has sold. The…
Basics 5 min read
What is the difference between the cash basis and the accrual basis of accounting?
Under the cash basis of accounting… 1. Revenues are reported on the income statement in the period in which the cash is received from…
Basics 5 min read
What is the distinction between debtor and creditor?
A debtor is a person or enterprise that owes money to another party. (The party to whom the money is owed is…
Uncategorized 1 min read
P&ID
What is P&ID? P&ID is an acronym for Piping and Instrumentation Diagram. Since it is a diagram, as a…