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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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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