Finance

What are Accounting Concepts? Accounting concepts are the fundamental principles that underlie the practice of accounting. They provide a framework for the way financial transactions and events are recorded, classified, and reported. Some of the key accounting concepts include: Business entity concept: This concept states that a business is separate and distinct from its owners […]

What is Aid? Aid is provided for the exact purpose of providing help to another entity or another country. Aid can be in form of funds or resources. For example, When there was an Earthquake in 2015 in Nepal. There was mass destruction and a lot of collateral damage. At that time, India provided Aid

What is Accruals? Accruals are earnings or costs that have accumulated over time and are now payable in the current accounting quarter. This is done so that any accumulated accounting transactions and outstanding payments can be concluded at the conclusion of the accounting period. Accrued income, which refers to money for which labor has been

What is Accounting Profit? Accounting profit is determined as income/revenue, which is the money you bring into the business less your explicit cost. It’s like the business’s earnings minus the cost of making that money over a specific time period, such as a week, month, or year. In accounting profit, there are three scenarios, they

What is Accounting? Accounting is a practical notion used by practically every organization to keep track of its finances. Its purpose is to maintain track of how money moves through its operations. It is possible to report on wealth maximisation, reflecting how effectively the company operates. All monetary or non-monetary transactions are taken into account

What is 403(b)? The elective deferral of 403(b) is $19,500 for the year 2021 and grows to an amount of $20,500 in the year 2022 with an additional catch-up contribution of amount $6,500 for 2021 and 2022, but this catch-up contribution can be used only if the individual is over the age of 50. The

What is APR?  One of the most used acronyms is APR (Annual Percentage Rate), and it stands for Annual Percentage Rate. Interest will accrue on loans made by individuals or on money borrowed from others, and it will be calculated by the amount borrowed. The annual percentage rate (APR) assists in determining the total interest

What is Alibaba Trade Assurance? Alibaba Trade Assurance in digital payment or money transaction method which is available exclusively on Alibaba platforms like its shopping sites and apps. The user has to tap on the Alibaba secure payment option (which is present at the time of check-in of products) to use Alibaba Trade Assurance. Alibaba

What is Activity Based Costing? Activity-based costing can be defined as allocating additional charges which can be direct and Indirect. These charges may include utilities and salaries related to several products and services. Activity-Based Costing or simply ABC has its accounting-based system based on certain types of activities. For instance any work, unit, task, or

What is ACH Credit? The Automated Clearing House Network (ACH) is a U.S. banking network that allows payments to be “pushed” from one bank account to another (ACH network). Direct deposits, which may sound more familiar, are another term for ACH credits. ACH credits are created when an employer pays its employees monthly by depositing

What is ACH? Automatic Clearing House Payments (ACH) is an abbreviation for Automatic Clearing House Payments. It is a type of electronic funds transfer technology that allows money to be sent between different bank accounts. ACH payments are kept for two to three days in an ACH-certified financial institution or bank before they are released,

What is Accumulated Depreciation? Accumulated Depreciation is the total cost allocation for depreciation expense by the company since the time the asset has been put into use. It is essentially a contra asset account that is reported in the company’s balance sheet, thereby meaning that it has a credit balance.  Accumulated Depreciation is shown as

What is Accounting? Accounting is the management of today’s transactions, pecuniary resources, and preparing financial statements. Accounting includes recording, creation and summation for the preparation of financial statements, which are used for understanding the financial status of the business i.e., where the business is going is it towards profit or loss? Accounting focuses on Reliability

What is 401k? The 401(k) is a retirement account built into most work plans. A 401(k) is a great way to save for retirement, and most people use their 401(k) to save for retirement. But most people don’t realize that they can also use a 401(k) to save for other financial goals, such as education,

What is an Advance Directive? It is a credible declaration (till it is medically relevant), which states the options and critiques of someone concerning his/ her medical care. Instances can also come while an existent is not within the situation of taking a lively part in healthcare, for the reason that it’s critical to decide