What is dual aspect accounting?

The dual aspect concept indicates that each transaction made by a business impacts the business in two different aspects which are equal and opposite in nature. This concept form the basis of double-entry accounting and is used by all accounting frameworks for generating accurate and reliable financial statements.

What financial terms & definitions should you know?

Here are 20 financial terms and definitions you should know. 1. Amortization: Amortization is a method of spreading an intangible asset's cost over the course of its useful life. Intangible assets are non-physical assets that are essential to a company, such as a trademark, patent, copyright, or franchise agreement. 2.

What is financial accounting?

Financial accounting is the framework that dictates the rules, processes, and standards for financial recordkeeping. Nonprofits, corporations, and small businesses use financial accountants to prepare their books and records and generate their financial reports.

What is finance & how does it work?

finance, the process of raising funds or capital for any kind of expenditure. Consumers, business firms, and governments often do not have the funds available to make expenditures, pay their debts, or complete other transactions and must borrow or sell equity to obtain the money they need to conduct their operations.