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Accounting
Banking

Reserve Accounting

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

Interim Period

A financial reporting period that constitutes a part of a full accounting year. It is a part of the current...

Stub Period

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

Reserve

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

Provision

A liability whose timing and/ or amount are uncertain (whether arising from a legal or constructive obligation). It is an...

Returns Inwards

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

Sales Returns

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...

Accumulated Depreciation

In connection with asset depreciation, it refers to the amount of depreciation written off to date. In other words, it...

Useful Life

In the context of asset depreciation, it refers to the period over which an asset subject to depreciation (depreciable asset)...