Account
A record in the accounting system that tracks all financial activity related to a specific item, such as cash, inventory, or sales revenue. Each account falls under categories like assets, liabilities, equity, income, or expenses, and they form the backbone of the general ledger.
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Aging Schedule
An aging schedule categorizes accounts receivable based on how long invoices have been outstanding. It groups accounts by time intervals…
Adjusted Trial Balance
An adjusted trial balance is a financial report that reflects all adjustments made after the initial trial balance. These adjustments…
Activity-Based Costing (ABC)
Activity-Based Costing (ABC) assigns overhead costs to specific activities that contribute to the production of goods or services, providing a…
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