An accounting assumption that holds that an entity would continue in business indefinitely or for the foreseeable future (a minimum...
An accounting allowance that reduces the gross cost of an asset to arrive at the net cost (the net balance...
An event (e.g., a transaction, business or financial) that takes place after the end or close of the accounting/ reporting...
Notes which provide clarification and additional information about specific items in the statement of income (P&L), statement of cash flows,...
Notes which provide clarification and additional information about specific items in the statement of income (P&L), statement of cash flows,...
Notes which provide clarification and additional information about specific items in the statement of income (P&L), statement of cash flows,...
A financial statement (FS) that lays out a minimum content for interim financial reporting requirements. This is meant to provide...
A financial statement that lays out a minimum content for interim financial reporting requirements. This is meant to provide a...
A revenue that an entity/ a business has not yet earned. In other words, it refers to all amounts received...
A contra account for revenues, i.e., a revenue account that has a debit balance, rather than the credit balance of...