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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Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid…
Incremental Cost
Incremental cost refers to the additional expense incurred when producing one extra unit of output or undertaking a specific decision.…
Impairment Loss
Impairment loss occurs when an asset’s carrying value exceeds its recoverable amount. It represents a permanent reduction in the value…
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