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Accounting
Banking

Related-Party Transaction

A transaction that is entered into by two parties who are related, i.e., they have some sort of connection prior...

Relevance Concept

An accounting concept that calls for accounting information (as reflected in the financial reports) to be available in such a...

Replacement Cycle

The frequency with which an asset (usually a depreciable asset) is replaced by another asset, either with similar/ identical features,...

Revenue Reserve

A reserve (reserve account) that an entity creates out of uncontributed revenue gains for the net profit which is generated...

Reserve Accounting

The accounting treatment of a reserve. The account (e.g., retrained earnings account) from which a reserve is being appropriated will...

Reserve

An account that appears on liability and owners' equity side of the statement of financial position (balance sheet) constituting appropriation...

Returns Inwards

Goods which are returned to the business (entity) by its customers for whatever reason (defective or damaged goods, different goods...

Returns

It refers to all types of returns, whether returns outwards (purchases returns) or returns inwards (sales returns). By definition, returns...

Revenue Recognition Concept

An accounting concept that implies that revenue is considered to be earned (realized) once goods or services are sold/ delivered...

Realization Concept

An accounting concept that implies that revenue is considered to be earned (realized) once goods or services are sold/ delivered...