Income received through active work or services, like salaries, wages, commissions, or business profits. It contrasts with passive income (like interest or dividends). For tax and reporting purposes, earned income is often used to determine eligibility for benefits, deductions, and credits.
Encashment involves converting negotiable instruments like cheques, bills, or bonds into cash. In accounting, it represents the realisation of funds…
Estimated useful life refers to the anticipated period an asset will remain productive and contribute to revenue generation before becoming…
Errors and omissions refer to unintentional mistakes or oversights in accounting records, such as misclassifications, arithmetic errors, or missing transactions.…
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