Accounting

Types of Accounts: Real, Personal and Nominal Accounts with Examples

There are rules which simply the accounting process. Firstly, understand the real account examples, meaning of real account, mix examples of personal account and real account along with mix example of nominal account and real account. Secondly, we will understand nominal account examples, meaning of nominal account, combination example of personal account and nominal account …

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What is Revenue and Expenses? Definition with Accounting Examples

Revenue Definition: In financial accounting, an inflow of money usually from sales or services thru business activities is called as revenue. It is also known as sales or turnover of the business. In other words, an income to a business or an organisation is termed as revenue. For example: royalties or interest or copyright fees …

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What is Liability and Current Liabilities? Definition with Accounting Examples

Liability Definition: A legal agreement that arises in-front of an organization or a business or an individual to settle a debt is termed as liability. Or any sort of loans from persons or banks for enhancing a business or individual salary that is payable amid short or long duration is known as a liability. These …

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What is Assets and Current Assets? Definition with Accounting Examples

Assets Definition: In accounting terms, any tangible (physical resources) or intangible (nonphysical resources) that can be possessed or controlled to create positive monetary value is known as Assets.  In other words, “anything that can be transformed into cash value is termed as assets”.  This includes: Real Estate Asset like Building, land and any other physical immovable …

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What is Accounting? Definition with Examples

Accounting Definition: What is Accounting? Accounting means it is a comprehensive system to analyze communication of financial transactions. In other words meaning of accounting is a financial language which assists you in measuring your growth year on year. Accounting language was introduced as soon as paper money was used for exchange. Since initially volume of …

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