A book of account that contains an entity's accounts to which debits and credits are posted from books of original...

In accounting, losses are a component of an entity's income that may, or may not, arise in the ordinary course...

An abbreviation for lower of cost or net realizable value (NRV); it is an approach that aims to avoid reporting...

In relation to insurance accounting (and aggregation of insurance contracts), it involves the determination of the unit of account to...

The legal basis and manifestation (legal formalities) for establishing an entity's ownership, rights, and interest in assets and obligation in...

It stands for long-term liability; debts (liabilities) an entity owes creditors and other third-party market participants, that mature- i.e., are...

A control (of an entity by a person or group) that is prescribed by law. For legal control to exist,...

A firm commitment by a lender (e.g., a bank) to provide credit (loan) under pre-specified terms and conditions. It is...

A type of accounting restatement that involves the correction of an immaterial error to the prior period financial statements. Notwithstanding...

An accounting ratio that relates an entity's current assets, liquid assets, or highly liquid assets (absolute liquid assets) to its...