An intangible asset is a useful resource without any physical presence. Patents, copyrights, trademarks, and goodwill etc are intangible assets. Such assets produce economic benefits but you can’t touch them like other physical...

Meaning of Intangible Assets Intangible assets are those assets which have no physical identity or presence. And therefore, one can not touch or see those assets. But they are identifiable and have a long term financial value...

Depreciation is a very important and real operating expense. Although it is a non-cash expense and does not require any current cash outflow, nonetheless it can’t be ignored in the financial statements. Capitalized cost of an...

Balance Sheet, also known as the Statement of Financial Position represents for a given company, its financial position at a given date (generally last date of an accounting period). Balance sheet, along with income statement...

What are Accounting Principles? Accounting Principles are the rules and benchmarks in the accounting field, a company should follow while reporting the financial statements. The common set of accounting standards as per the...

Accounting period refers to the time period for which accounting books are balanced and preparation of financial statements is done by business entities to evaluate their financial performance or for reporting to external...