Fictitious assets

Fictitious assets meaning/definition Fictitious assets are not an asset in reality. However, these assets are recorded in the balance sheet to reflect a true sense … Read more


What’s note receivable?

Notes receivable is the written promise to receive principal and interest in the future. In simple words, note receivable is a written, unconditional promise by … Read more


What is ERP– Detailed aspect

ERP is an advanced system of business management that integrates different operating modules and business intelligence. It helps in effective business management with real-time reports … Read more


Materiality in accounting

The concept of materiality helps an accountant decide which account balances should be disclosed separately and which of the account balances should be merged. The … Read more