Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid yet. It is recognised when the obligation arises, aligning with the accrual accounting principle. This ensures expenses are matched with the revenues they help generate.
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Inventory Turnover Ratio
The inventory turnover ratio measures how efficiently a company manages its inventory by comparing cost of goods sold to average…
Intercompany Transactions
These are transactions that occur between entities within the same corporate group, such as sales, loans, or service charges. They…
Input Tax Credit (ITC)
Input tax credit allows businesses to claim credit for the GST paid on purchases used for business operations. It reduces…
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