Double-Entry Accounting
A bookkeeping system where every transaction affects at least two accounts, keeping the accounting equation (Assets = Liabilities + Equity) balanced. One account is debited, and another is credited. It ensures accuracy and is the foundation of modern accounting.
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Div 7A Loan
A loan or advance made by a private company to a shareholder or associate under Division 7A of the ITAA…
Deferred Tax Liability
An amount owed in future tax payments arising from temporary differences between book income (per GAAP) and taxable income (per…
Departmental Accounting
Departmental accounting tracks income, expenses, and profitability separately for individual departments within an organisation. It helps management evaluate performance at…
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