Likewise, the payment amount usually includes the interest on the unpaid balance and the reduction of the principal. In the journal entry, this will be the debit of expense and […]

This is because the happening or not happening of a contingent liability is not in the hand of us. Here, contingent liabilities are recognized only when the liability is reasonably […]

The shareholders’ equity number is a company’s total assets minus its total liabilities. In accounting, a fixed asset is a type of capital asset that is tangible that a company intends […]