Internal Control
Policies and procedures designed to safeguard assets, ensure accurate financial reporting, and promote compliance with laws. Internal controls reduce the risk of fraud, errors, and operational inefficiencies. Examples include segregation of duties, approval processes, reconciliations, and audit trails.
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Installment
Installment is a partial payment made on a schedule toward settling a larger debt or purchase. Installments break down the…
Interim Financial Statement
Financial reports prepared for a period shorter than a full fiscal year typically quarterly or monthly. They provide stakeholders with…
Intangible Asset
A non-physical asset that adds value to a business, such as trademarks, copyrights, patents, brand reputation, or goodwill. These assets…
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