Accounting is the practice of keeping precise records of the income and expenditures of a business. It is a recognised profession, regulated in most countries by an industry association which offers training and certification to aspiring practitioners.
At the most basic level, accounting is necessary to determine whether the business is profitable or not. Although this [...]

Trade Credit is the practice of businesses selling to other businesses and allowing those other businesses to pay for the goods on a deferred basis. The extent of the deferral varies but, for example, invoices which demand payment within 90 days are not uncommon. Sometimes a percentage discount may be given for earlier payment.
Most businesses [...]

Revenue is money received by a company or other organization. For companies, most revenue comes from selling products or services to individuals or other companies. It is also possible for companies to earn revenue through financial investments.
For accounts to identify a company’s revenue over a given period might seem, at first glance, a simple matter. [...]

A current liability is the opposite of a current asset. It is a financial obligation which a company is expected to have to discharge within a short period of time, sometimes formally defined as one year or the current financial year. Liabilities are anything for which the company will have to pay out money. The [...]

A current asset is a highly liquid asset which is expected to be used up within a short period time. Examples of current assets include cash, inventories of goods, accounts receivable ( in other words, invoices which have been issued for prior delivery of goods or services and are expected to be paid soon), and [...]