ICS COLLEGE-FINANCIAL ACCOUNTING: GET TO LEARN COOL TERMS, LIKE “DEBIT” AND “CREDIT”!!!
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ICS COLLEGE-FINANCIAL ACCOUNTING
The first thing you should learn is that financial accounting is all about information.
That information, imperfect as it is, is widely desired for decision-making, especially in valuing firms and comparing one firm’s performance with another.
Financial accounting is often referred to as accrual accounting, what that means is that financial accounting recognizes revenues when they are “earned,” not when Cash is received and it recognizes expenses through the “matching” principle when those expenses are incurred, not when Cash is disbursed.
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ICS COLLEGE-FINANCIAL ACCOUNTING
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