A reserve (reserve account) that an entity creates out of its profits for a certain purpose. It is usually appropriated...

A reserve (reserve account) that an entity creates out of its profits for a certain purpose. It is usually appropriated...

A part of the current accounting year that has passed away or is reportable for the time being. In many...

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

An accounting concept that considers a firm (a business or an entity) to be financially separate from its owners. This...

An event (e.g., a transaction, business or financial) that takes place after the end or close of the accounting/ reporting...

A lease contract that provides a lessee the right to use an asset without enjoying the benefits of ownership. The...

The amounts of funds that have been provided by owners of a business (firm) as well as their claims on...

Previously known as balance sheet, it is a detailed projection of the assets, liabilities, and owners' equity of a business...

It stands for statement of financial position; previously known as balance sheet, it is a detailed projection of the assets,...