Debit
Debit is an entry that increases assets or expenses and decreases liabilities or equity in double-entry accounting. Every debit has a corresponding credit. For example, when you buy equipment with cash, the equipment account is debited, and the cash account is credited.
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Div 7A Loan
A loan or advance made by a private company to a shareholder or associate under Division 7A of the ITAA…
Deferred Tax Liability
An amount owed in future tax payments arising from temporary differences between book income (per GAAP) and taxable income (per…
Departmental Accounting
Departmental accounting tracks income, expenses, and profitability separately for individual departments within an organisation. It helps management evaluate performance at…
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