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  • Monday, April 28, 2025
  • The Financial Encyclopedia
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Cooling-Off Period

A period of time during which an accounting/ audit firm has to maintain the rule of independence when a member...

    Process Costing

    A cost accounting method whereby an entity determines and accumulates direct costs, and allocates indirect costs of a production process...

      Allowance

      A contra asset or an amount to be deducted from an asset account to reflect a particular situation or fact,...

        Primary Currency

        The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

          Accounting Currency

          The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

            Reporting Currency

            The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

              Presentation Currency

              The currency in which the financial statements of an entity are prepared and presented. It is the currency that an...

                Functional Currency

                The currency that an entity uses to record and measure its transactions. A functional currency is used to present the...

                  Currency Translation Reserve

                  A type of reserve that is created to account for foreign currency translation (currency translation). Such a translation involves the...

                    Accounting Policy

                    A set of principles, rules, bases, guidelines, conventions, and practices that an entity applies in the process of preparing and...