Exchange Gain/Loss
The profit or loss from converting one currency to another due to exchange rate fluctuations. These arise in international transactions and impact income statements. Gains increase profits, while losses reduce them both must be reported for accurate financial results.
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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…
Errors and Omissions
Errors and omissions refer to unintentional mistakes or oversights in accounting records, such as misclassifications, arithmetic errors, or missing transactions.…
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