Assets
Anything of value owned by a business that can generate future economic benefit. This includes cash, equipment, inventory, property, and receivables. Assets are listed on the balance sheet and are categorized as current or non-current based on how quickly they can be converted into cash.
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Australian Accounting Standards Board (AASB)
The statutory body responsible for developing and maintaining accounting standards in Australia. AASB standards are largely aligned with IFRS but include additional requirements for not-for-profit and…
Accounts Payable Aging
A report that categorizes outstanding vendor invoices by due date ranges (e.g. 0–30, 31–60 days), used to manage cash flow…
Active Income
Allocation is the process of distributing costs, revenues, or expenses to different accounts, departments, or projects based on predefined criteria.…
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