Accounting

Binding and Non-binding Contracts: What are the differences?

Companies deal with various parties. Usually, they include creditors and debtors, consisting of suppliers and customers. However, they may also transact with other parties, such as lenders, investors, employees, etc. For each transaction, companies set various aspects that dictate the relationship. These aspects may also compel both parties to meet their obligations. Companies use legal …

Binding and Non-binding Contracts: What are the differences? Read More »

What is a Betterment in Accounting?

Accountants may come across several transactions where the classification is challenging. One of these instances includes differentiating between assets and expenses. In accounting, assets include resources owned or controlled by an entity. These resources result in the inflow of economic benefits in the future. Usually, assets include inventories, cash, property, plant, equipment, receivables, etc. On …

What is a Betterment in Accounting? Read More »