Assets are economic resources of an enterprise that will be usefully expressed in monetary terms. Assets are items useful employed by the business in its operations. For example, Super Bazar owns a fleet of trucks, which is employed by it for delivering foodstuffs; the trucks, thus, …
An event involving some value between two or more entities. It is often a sale of products, receipt of cash, payment to a creditor, incurring expenses, etc. It is often a cash transaction or a credit transaction. ©CommerceAchiever
Entity means a reality that features a definite individual existence. Business entity means a specifically identifiable commercial enterprise like Super Bazaar, Hire Jewellers, ITC Limited, etc. An accounting is usually devised for a selected business entity (also called accounting entity). …
Happening of consequence to a business organization that consists of transactions and which are measurable in monetary terms. Bunch of transactions relating to an economic event. Event is the end result. ©CommerceAchiever Event can be – internal and external. If …
Accounting is a process of identifying, measuring, recording the business transactions and communicating thereof the required information to the interested users. ©CommerceAchiever