What are retained earnings? Retained earnings (RE) represent the portion of the business profit that the company retains within the business. It is the profit that has not been paid out as dividends or transferred to any other reserve. A…
Types of intangible assets: There are various types of intangible assets, however, in this article, we are about to discuss the six most important types of intangible assets which are patents, trademarks, copyrights, goodwill, franchises, and license. 1- Patents…
What are Intangible Assets? Being an accounting student or business professional, you see many business assets that you can touch physically and also aware of them as well. However, there are still many assets that do not exist physically and…
Users of accounting information An accounting information system processes financial and operational data into reports. These reports are useful for users of accounting information. The two broad groups of users of accounting information are internal users and external users. Let’s…
Future of Accounting Profession: New technology is changing the way people work across all industries. The same holds for the accounting profession. The evolution of technology is changing the future of accounting, and many accountants are afraid that technological innovations…
What is the statement of cash flow? The statement of cash flow is a regular financial statement that tells you all about inflows and outflows of cash. Even it tells you how much cash in hand you have for a…
Statement of Financial Position Overview: A statement of financial position (formerly called a balance sheet) is a financial report about the financial position of an entity. It is a snapshot of the company’s financial condition at a specific moment in…
Types of financial statements: Financial Statements are the financial documents providing significant information about the financial activities of the business entity. These statements provide relevant financial data for internal and external users of accounting. The information in financial statements is…