Warranty Liability
Warranty liability is the estimated cost a company expects to incur for repairing or replacing defective products sold under warranty. It is recorded as a provision in financial statements to comply with the matching principle and ensure accurate future expense recognition.
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Withdrawals (Owner’s Drawings)
Withdrawals refer to funds or assets taken out of the business by the owner for personal use. These are recorded…
Working Trial Balance
A working trial balance is an internal report prepared before finalising financial statements. It includes all ledger accounts and adjustments,…
Work Order Accounting
Work order accounting tracks the costs, materials, and labour associated with specific projects or manufacturing jobs. It helps determine actual…
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