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Another name for management accounting is managerial accounting (Also see Distinguishing Financial Accounting & Management Accounting). It involves the preparation of reports as well as accounts which give precise and pertinent information to the management of a firm so that they can make daily decisions based on those data. It blends accounting, management, as well … Read moreThe Importance of Management Accounting

As a leader, you have to be responsible for many things. What determines your impact as a leader is the performance of people that you lead. There are a lot of leaders around us, and the similarity between them is that people under their leadership look upon them as a guide. It means that people … Read moreCharacteristics of Excellent Leaders

Market value stands for the price you can acquire when you sell an asset in a market that is open and competitive. On the other hand, an asset’s book value is the cost you spent when you purchase it initially, and you need to make adjustments for any successive alterations, for example, depreciation or impairment … Read moreAre Market Value and Book Value the Same?

Occupations in the financial field compose an extensive section of the corporate area. This is comprehensible since the world of business is all about generating revenue. It is normal if you are confused between similar professions in the same sector.  Accounting and economics are excellent examples of such situations. Accounting and economics are somehow relevant. … Read moreThe Relationship Between Accounting and Economics

Prepayments Prepayments are the payments you make before you get the advantages from them. For instance, rental is a prepayment as it typically has to be settled in advance. Accruals Accruals are costs that you have incurred, but you have not paid. For instance, an unpaid water bill is an accrual expenditure, since the water … Read moreIntroduction to Prepayments and Accruals