Errors and Omissions
Errors and omissions refer to unintentional mistakes or oversights in accounting records, such as misclassifications, arithmetic errors, or missing transactions. These inaccuracies can distort financial statements, requiring correction through adjusting entries or restatements. Identifying and rectifying them maintains integrity in reporting and compliance with auditing and regulatory standards.
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Encashment
Encashment involves converting negotiable instruments like cheques, bills, or bonds into cash. In accounting, it represents the realisation of funds…
Estimated Useful Life
Estimated useful life refers to the anticipated period an asset will remain productive and contribute to revenue generation before becoming…
Endowment Fund
An endowment fund consists of donations or capital set aside to generate ongoing income for a specific purpose commonly used…
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