Accumulated Depreciation
Accumulated depreciation is the total depreciation expense recorded on an asset since its purchase. It reduces the asset’s book value on the balance sheet, reflecting wear and tear or obsolescence. By tracking accumulated depreciation, businesses align asset values with usage over time, ensuring accurate financial reporting and tax calculations.
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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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