Accrual
An accounting entry that records revenues earned or expenses incurred that haven’t been received or paid yet. Accruals ensure that financial statements reflect all relevant activity for a given accounting period, even if cash hasn’t moved. Think unpaid bills or earned-but-uninvoiced income.
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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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