Fiduciary Funds – Definition, Types, and Uses

Definition Fiduciary Funds are used in governmental accounting in order to account for assets that are held in trust for others. In other words, these are the funds that are held by the government as a trustee. They are held on behalf of others, and therefore, they...

Amount Due to/From Customers – All you need to Know!

Introduction The modern-day business dynamic is considered to be quite different on a number of grounds. In this regard, it can be seen that almost all businesses work on credit. This implies that they sell, or purchase goods at an earlier date, and the subsequent...

Income From Continuing Operations – Explained

Overview Going concerned is an important accounting principle. It is an accounting term that explains that a company is financially strong and stable to carry on future business activities. Another term that closely relates to the going concern is the continued...