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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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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