What is Current Liability

A current liability is the opposite of a current asset. It is a financial obligation which a company is expected to have to discharge within...

What is Revenue

Revenue is money received by a company or other organization. For companies, most revenue comes from selling products or services to individuals or other companies....

What is Trade Credit

Trade Credit is the practice of businesses selling to other businesses and allowing those other businesses to pay for the goods on a deferred basis....

What is Asset

In accounting terms, an asset is an economic resource controlled by a company which is expected to produce benefits to the company in future. Assets...

What is Audit

A financial audit is an external check on a company’s accounting procedures which verifies that financial statement have been compiled usually a generally accepted methodology...

What is a Balance Sheet

A balance sheet is a financial statement which describes a company’s overall financial position at a moment in time. It is considered one of the...

What is Book keeping

Book-keeping is the practice of maintaining a careful record of all of a person or organisation’s income and expenditures. In modern times, book-keeping is often...

What is Cash Flow Statement

A cash flow statement is an accounting document which shows the amount of cash held by a company over a defined period of time. It...

Definition of Accountant

An accountant is someone professionally trained and accredited to handle company accounts. Incorporated companies are required to file sets of company accounts on a yearly...