ACCOUNTING

Definition: A statutory audit is an audit required by law to be performed on certain entities by independent auditors. It is typically conducted for companies, corporations, and other organizations that are required to meet certain financial reporting standards or regulations. Purpose: To ensure compliance with applicable laws, regulations, and standards. To provide an independent opinion […]

Sure, the phrase “yoy year on year” means the same as “year after year.” Definition: Yoy year on year: Refers to a trend or change that occurs in the same manner from one year to the next. Meaning: When something increases or decreases “yoy year on year,” it means that it is increasing or decreasing […]

Depletion Depletion refers to the process of reducing a resource to its lowest point or to an empty state. It is a term used in various fields, including physics, chemistry, and geology. Definitions: Depletion: The process of reducing a resource to its lowest point or to an empty state. Depleted resource: A resource that has […]

Accounting is a critical function in businesses and organizations, playing a key role in recording, summarizing, and analyzing financial transactions. Here’s a breakdown of its main functions: 1. Financial Record Keeping:– Accounting involves meticulously recording all financial transactions in journals, ledgers, and other accounting software.- This data includes purchases, sales, cash flow, expenses, and other […]

Sure. Per capita is a term used in economics to describe a quantity or measure divided by the population. It is commonly used to describe things such as income, wealth, cost of living, and other variables per person. It is calculated by taking the total quantity or measure and dividing it by the population. For […]

Explanation: The term “controller” in software engineering refers to a component that manages and controls the flow of data and commands between the user interface, the business logic, and other components of the system. It is a key element in the Model-View-Controller (MVC) software design pattern. Responsibilities of a Controller: Handling user requests: Receives and […]

The average collection period (ACP) is a key performance indicator used in accounts receivable management to measure the average number of days it takes for a company to collect payment from its customers. It is calculated by dividing accounts receivable turnover by accounts receivable balance and multiplying the result by the number of days in […]

A current account, also known as a demand deposit account, is a type of bank account that allows you to make deposits and withdrawals quickly and easily. It’s commonly used for day-to-day transactions like paying bills, transferring money, and receiving money. Key features: Easy access to funds: You can deposit and withdraw money easily through […]

Forensic Accounting Forensic accounting is the process of applying accounting principles and techniques to matters involving investigation, litigation, and other disputes. It involves a wide range of services, including: Key Services: Financial Statement Investigation: Reviewing and analyzing financial statements to identify potential fraud, error, or misconduct. Fraud Detection and Investigation: Investigating suspected fraud cases and […]

A suspense account is a type of account in which funds are held temporarily until the outcome of a certain event is known. It is used to account for funds that are not yet due or are in the process of being collected. Examples of suspense accounts: Accounts for accounts receivable, bills payable, and unearned […]