Accounting | Buzzle.com
Simply put, accounting is the process of recording, collecting, analyzing, and verifying all possible financial transactions carried out in a business. The information is recorded in accordance to certain accounting principles, also referred to as Generally Accepted Accounting Principles (GAAP). This accounting process helps businesses understand their financial position; their profit/loss, liabilities/assets, etc., which help them make wise decisions for the firm's growth and betterment. There are plenty of articles provided in this section explaining the different aspects of accounting in detail. Take a look!
How to Calculate Capital Expenditures
Capital expenditures (Capex) are the expenses made on future assets. The Buzzle article below will explain how to calculate capital expenditures.
Differences Between Capital and Revenue Expenditure
Expenses can be of capital or revenue in nature. This classification is vital so that the financial statements reflect the true position of the entity. Buzzle, in the following article, furnishes information about the differences...
Key Differences Between Capital Expenditures and Operating Expenditures
Capital and operating expenditures are expenses incurred for future assets and daily utilities, respectively. The Buzzle article below will give the key differences between capital and operating expenditures.
5 Revenue Recognition Methods
Revenue recognition policy impacts the representation of your financial statements as well as the tax liability to be computed thereon. There are various revenue recognition methods which have to be adopted as per the peculiarity...
Accounting Process
Accounting is used for gaining quantitative information about the finances. The accounting process includes a sequence of activities that involve recording the income and expenditure of an organization. This Buzzle article will...
Purpose of Accounting
Companies invest a lot of time and money in maintaining their accounts. Besides being a mandatory requirement, maintaining proper accounts can help the company in various ways. Listed below are some of the reasons why it is so...
Internal Controls in Accounting
Accounting is a crucial field that demands compliance with many standards and statutory requirements. Internal controls in accounting are not only a statutory requirement, but are also instruments of financial management.
Cost Control Management
In this world of cut-throat competition, it is essential for a company to adapt to changes in the long run. Cost control is, basically an adaptation by companies to improve their profitability with less expenses.
Expense Report Sample
Organizations use an expense report to record the expenditure incurred by the employees during a business trip. In this article, we will take a look at some sample expense reports.
An Introduction to Financial Accounting
Accounting is a very important/critical process, with the help of which, the management of an organization attempts to manage and control its economic performance. If you are an accounting student, or aspire to pursue your career...
Basic Accounting Concepts and Principles
Accounting refers to the systematic recording of business transactions and preparation of statements relating to assets, liabilities and functioning results of a business. Accounting has to follow certain fundamental rules that...
Accounting Profit Formula
The growth of a business depends on the accounting profit earned in a financial year. That makes it imperative for any business to track and calculate it. Here, we have provided the formula for calculating accounting profit along...
Cost Method of Accounting
To explain the cost method of accounting in simple terms, an investor lists his investment expense or the actual cost of the stock on a single line of an investment balance sheet. Likewise, when he sells the stock, the income would...
Job Cost Sheet
Do you need to make a job cost sheet in order to keep track of the costs incurred in providing services to customers? If yes, then in this article, you will Business Electricity Comparison learn how to draft a cost sheet with the help of a template.
U.S. GAAP - Generally Accepted Accounting Principles
U.S. GAAP is the standard platform of guidelines regarding rules for financial accounting that're needed in the preparation of financial statements. Although quite flexible in its rules, this framework is based upon certain...
Types of Accounting Careers
If you are good with numbers, then a career in accounting must be explored. Let's take a look at some of the different types of careers in accounting.
Hybrid Method of Accounting
With the steady rise in the volume and sizes of businesses, conventional accounting evolved into double entry systems, subsequently cost accounting and managerial accounting were also introduced. Today, the world of finance, is yet...
Cost Method of Accounting for Investments
The cost method of accounting for investments is used to determine the profit and loss of any investment. Apart from that, this method is also used to compute the return on investment of a certain investment. To know more about...
Cash Method of Accounting
The cash method of accounting is a well-known and widely used technique which has some advantages and disadvantages. In this article, we shall know about this accounting technique in detail.
Accrual Method of Accounting
How does the accrual method of accounting expenses work? This might be a question before many students of accounting and finance. In this article, I shall present to you the workings of this method as well as its rules and...
Job Costing Vs Process Costing
If you are confused about what exactly is the difference between job costing and process costing, this article will help in clearing out the concept. Here I compare the two processes.
How to Calculate Net Income after Taxes
If you are looking for clear guidelines explaining the calculation of net income after taxes, this article will definitely be a helpful read. Along with an explanation of the procedure, an online calculator is presented, which...
Gross Sales
There are various metrics through which an organization can gauge its efficiency. The total sales of a company are measured by calculating its gross sales. Let us know more about the topic.
Liability Vs. Expense
In the following Buzzle article the comparison of liability vs. expense has been given, by enlisting a few of their distinguishing points. Keep reading...
Audit Procedures for Cash
Every organization must have checks and balances to ensure transparency and accountability in financial matters. The cash audit is one such procedure that every business puts in place. Read through this article to learn more about...
Percentage of Completion Method
An accounting method, percentage of completion is used to evaluate the cost of ongoing long term projects by computing the cost of the project in the current fiscal year. This method to ascertain cost has a very effective formula...
Accounts Receivables Turnover Ratio
This ratio is an indication of the efficiency of a company in collecting credit sales. While computing this ratio only credit sale is included. The higher the ratio means greater the efficiency which is a desirable aspect for any...
What Is Cost Accounting
When one indulges in business, cost accounting is the most essential component that systematically evaluates the costs that the organization incurs.
Objectives of Accounting
The financial plans of any firm or business depends on the accounting objectives. In this article, we will take a brief look at what are the primary objectives of accounting and try to understand the influencing factors and the...
Unearned Revenue
What is unearned or deferred revenue? How is the liability associated with it calculated? Read to find all the answers.
Revenue Recognition Principle
Are you coping with accountancy and its various principles? Well, as far as the revenue recognition principle is concerned, help is here!
Cost Sheet Template
The objective of any cost accounting, costing, and cost sheet, is simple; derive the cost of goods based upon the cost that has been incurred to manufacture those goods.
Examples of Intangible Assets
Assets are classified into two main types - tangible and intangible. Go through this article for some information about intangible assets.
Accrued Liabilities
Being aware of the concept of accrued liabilities under GAAP is essential for all accountants and students of management and accounting. Learn more in this article.
Cost Recovery Method
This article aims at explaining the cost recovery method in accounting, along with an example. Read to know all about this important accounting technique.
Generally Accepted Auditing Standards
It is absolutely essential for an independent auditor to comply with the '10 Generally Accepted Auditing Standards (GAAS)'. This Buzzle article enlists these standards, to help you understand what it takes to achieve quality...
Accounting Conventions
A thorough knowledge of accounting conventions and practices is very essential for all accountants, management students, as well as businessmen.
Profit Margin Ratio
This article will tell you all about the profit margin ratio and what it indicates for a business. While the turnover is an important consideration, it is this ratio that ultimately denotes the financial health of a business.
What is Contribution Margin
All you ever wanted to know about a contribution margin has been explained in this article. By calculating this valuable parameter, important decisions about the future of a product can be made.
Accrued Expenses in Accounting
In the following article, the financial concept of accrued expenses has been discussed. To know more about accrued expenses, read on.
Prepaid Expenses in Accounting
The concept of prepaid expenses is occasionally used in financial, cost, and managerial accounting policies. Read this Buzzle article to know more about the subject.
Accounts Payable Procedures
Accounts and finance departments often deal with a type of liability known as accounts payable. In the following article, a brief elaboration on some of the general procedures for listing accounts payable is given.
What is the Going Concern Principle
What exactly is the going concern concept in accounting? How does it affect financial projections? Read to know all about it.
What is Accrued Revenue?
The accounting concept of accrued revenue is discussed in this article. Read to know all about this important parameter.
What is Owners' Equity
It is important for all businessmen to be aware of what owners' equity is and how it is quantified. In this article, we explain the concept, along with the formula used to calculate the same.
Tangible Assets
The concept of tangible assets is extremely easy to understand. Find out how, in the article below.
What is Accounts Payable
This article is a brief explanation of what the term, accounts payable means in accounting parlance. Read to know all about this vital financial parameter.
Accounting Cycle Steps
Understanding the accounting cycle is of prime importance for students, as well as those working as accountants in different firms. In what follows, the steps of this cycle are described in detail.
Debit Vs. Credit
The world of commerce revolves around the terms debit and credit. Here, a small comparison between the two terms have been explained. To know more, read on.
What is Managerial Accounting?
Accountancy is a pretty vast domain and has much more to it than just arithmetic calculations. In this article, we will look at one of the fundamental branches known as managerial accounting.
How to Prepare a Cost Sheet
There may be many questions in the minds of many businessmen who have their own factories, prominent among them being, how to prepare a cost sheet. Well, this article will tell you all about it.
Cost Accounting Vs. Managerial Accounting
In the following paragraphs, a brief, yet comprehensive elaboration regarding cost accounting vs. managerial accounting has been given.
Cost Accounting Vs. Financial Accounting
The two techniques, financial accounting and cost accounting, are synchronous to each other yet targeted for different interested parties. The concept and some technical factors that differentiate the two are provided in the...
Gross Vs. Net Profit
In the following article, some important distinguishing points between gross and net profit have been discussed. The convention of calculating them is very common and is widely followed in the business world.
Types of Accounting
Learning about the types of accounting will help you get fundamental knowledge about the working of various sectors in the financial management field...
Matching Principle
The concept of matching principle in accounting helps in linking revenue earned to the associated costs incurred. Read the following article to understand this concept in detail.
Financial Accounting vs Managerial Accounting
Financial accounting and management accounting are two different methods employed by organizations for different purposes.
Accounting Ethics
Accounting is an integral part of our business and finance world. However there are some accounting ethics to be kept in mind for all financial transactions made. It is quite important to follow these paradigms to run a profitable...
Why is Accounting Important
We have all heard about accounting, but have you ever wondered why is accounting important? Here we give you the reasons of why is accounting so important not only for a business but also in our day-to-day lives. Read on...
Accounting Principles and Concepts
The accounting principles are rules that apply the practices of accounting and give guidelines to deal with complex transactions. These principles are then divided into different concepts and conventions. Read the Buzzle article to...
What is a Multi-Step Income Statement?
If you are planning to invest in the stock market, then you need to understand the basic financial terminologies, such as multi-step and single-step income statements, balance sheet, statement of cash flow, etc. This will help you...
What is Cost Benefit Analysis?
Cost benefit analysis helps us to make business decisions regarding different projects. As the name suggests, it also helps us to identify the amount of capital to be spent and the benefits to be made from a particular project.
Net Sales vs Gross Sales
Before starting a company, you should know the difference between net sales vs gross sales. Only then will you understand how much profit your company is earning, or whether it's going through a loss. Read on, if you want to know...
Importance of Accounting
The importance of accounting and its scope has increased, as accountancy has not just remained a skill of keeping records. Deep analysis, compliance, rectification and lawfulness have become some new integrals of accounting.
Benefits of Accounting Outsourcing
One of the most apparent benefits of accounting outsourcing is that operating costs of the company gets reduced substantially. This article focuses on the advantages that this kind of outsourcing has...
Accounts Receivable Aging Report
In the world of business, an accounts receivable aging report is a very important statement that is used to record data related to the debtors of a business. Here, we have provided a sample aging report that will help you draft one...
Horizontal Analysis
Horizontal analysis is one of the foremost techniques in financial management and analysis. It is very useful in calculating the growth of an item over a timeline that the analyst chooses.
Vertical Analysis
Vertical analysis is an integral part while carrying out the overall financial analysis of any firm. Here is more about how to do one.
Things You Need to Know about Trade Discount
They are a very common marketing ploy used to increase the popularity and sales of a product. Here is how you can use a trade discount to your advantage.
Purchase Order Sample
Want to know how to draft a purchase order? Learn how to buy an order sample for yourself, with the help of this article.
Billing Statement Template
Notifying a customer about his balance and requests payment is the aim behind sending a billing statement. Read the following article that provides some useful information and a template for the same.
Income Statement Format
How to prepare an income statement format which is easy to understand and update? Here's an article which will teach you the correct income statement format.
What are Tangible Fixed Assets?
Tangible fixed assets is a term that is commonly used by people studying finance, economics and accountancy. Read ahead to know more...
Income Statement Template
What is the best way of making an easy-to understand and easy-to-use income statement? Since it is a formal affair, you can pick out an example of your choice and go along with it.
Cost Control Methods
Business managers throughout the world fight a never-ending battle against rising costs. Cost control methods are constantly being derived, developed, deployed, and discarded, in order to reduce the cost of all operations.
Economic Profit Vs. Accounting Profit
A lot of people get confused about the difference between economic profit and accounting profit. If you thought they are one and the same, think again. They are two ways to tackle one situation, so depending on your way of thinking...
Equity Method of Accounting
If you wish to learn about the equity method of accounting for investments in common stock, you have come to the right place. This article will give you all the details on the definition, equity accounting for joint ventures, and...
Bachelor's Degree in Accounting
Bachelor's degree in accounting is a precondition to work as an accountant in the finance sector. Every organization whether a multinational company, or a small organization, or even a grocery shop, need to maintain its accounts.
Comptroller Job Description
This article speaks about the comptroller job description, a career which is ' high in demand' because of the decent salary range and excellent career outlook.
Accounting Terms - Glossary of Accounting Terms and Definitions
Bookkeeping and Accountancy are the subjects that deal with maintaining a record of all the transactions that a business/individual makes. It helps to keep a track of the financial position of the business and forms the basis for...
Benefits of Online Accounting Degree Programs
In this article, we will take a look at the prospects of enrolling for an online accounting program, along with some tips on the same. Have a look...
Why do Hot Air Balloons Fly
At a hot air balloon festival, hot air balloons slowly fill and then rise majestically in the predawn sky. These hot air balloons fly because of two fundamental principles of physics: the ideal gas law and Archimedes's principle.Ideal Gas Law
The ideal gas law is a mathematical relationship between the volume pressure and temperature of a gas. For a given quantity of gas, the pressure, P, multiplied by the volume, V, divided by the temperature, T, remains Business Electricity a constant.
If a gas is heated, as in a hot air balloon, then its volume will increase. A heater in the balloon's basket heats the air inside the balloon and blows hot air into the balloon. As the volume of gas increases, it fills the balloon. Soon the balloon is full of hot air. If the air continues to heat up, it expands and flows out of the hole in the bottom of the balloon.
Hence a balloon filled with hot air contains fewer air molecules than the same balloon inflated to the same size with cool air. A hot air balloon will therefore be less dense than a balloon filled with cool air as a consequence of the ideal gas law.
Archimedes's Principle
Archimedes's principle states that when an object is suspended in a fluid, the buoyant force acting on an object is equal to the weight of the fluid displaced. As a consequence of Archimedes's principle, an object will float in a fluid if it is less dense than the fluid.
Ordinarily people think of a fluid as being a liquid, however in science a fluid is defined as either a liquid or a gas. Air is therefore a fluid and Archimedes's principle applies to floating in air as well as floating in a liquid.
Hot Air Balloons
The balloon filled with hot air is less dense than when it is filled with cool air. For the balloon to rise and lift the basket and passengers off the ground, the hot air in the balloon must have a low density. The balloon, basket, and passengers combination must weigh less than the total amount of air displaced by the balloon. Then the upward buoyant force exceeds the downward weight (gravitational force).
Helium filled balloons float by the same principle because helium gas is much less dense than air.
The hot air filling the balloon reduces its density according to the ideal gas law. When its total density is less than the density of air, it floats according to Archimedes's principle.
The density difference is greater http://energyadviceline.org.uk when the air temperature is cooler, so hot air balloons are often inflated in the cooler predawn hours.
Enjoy watching hot air balloons soar into the air, or take a balloon flight. Understanding the physics that causes them to silently float upwards increases their beauty. Fundamental physical principles are beautiful to the mind and contribute to visual beauty.
Further Reading
Bloomfield, L.A. How Things Work 3rd ed. Wiley, 2006
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