Intercompany Transactions
These are transactions that occur between entities within the same corporate group, such as sales, loans, or service charges. They are eliminated during consolidation to prevent double-counting in financial statements, ensuring the group’s results reflect external dealings only.
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Inventory Turnover Ratio
The inventory turnover ratio measures how efficiently a company manages its inventory by comparing cost of goods sold to average…
Input Tax Credit (ITC)
Input tax credit allows businesses to claim credit for the GST paid on purchases used for business operations. It reduces…
Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid…
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