Explanations

This section contains clear explanations of various financial and managerial accounting topics, terms and concepts. We have tried to explain each accounting topic in easy language. Multiple examples have been given to make the concept easily understandable for students, managers and other business professionals. You can access this section from any page of the website by clicking on the ‘explanation’ in the main menu of our website.

Please click on a topic to read an article included in that topic:

  • Introduction to financial accounting
  • Accounting principles and concepts
  • Accounting cycle
  • Special journals/subdivision of journal
  • Cash book
  • Rectification of accounting errors
  • Financial assets
  • Accounting for accounts receivables
  • Accounting for marketable securities
  • Depreciation, impairments and depletion
  • Current liabilities
  • Capital and revenue items
  • Accounting for non-trading concerns
  • Accounting for consignment
  • Statement of cash flows
  • Stockholder's equity
  • Dilutive securities and EPS
  • Financial statement analysis
  • Classifications of cost
  • Business improvement programs
  • Job-order costing system
  • Process costing system
  • Joint products and by-products
  • Inventory and material cost control
  • Cost volume and profit relationships
  • Variable and absorption costing
  • Inventory costing methods
  • Standard costing and variance analysis
  • Gross profit analysis
  • Capital budgeting techniques
  • Service department costing