Ledger Reconciliation
Ledger reconciliation is the process of comparing account balances in the general ledger with supporting records, such as bank statements or sub-ledgers, to ensure accuracy. It helps detect errors, omissions, or fraud and is a crucial step in closing financial periods and maintaining reliable books.
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LIFO (Last In, First Out)
A US-permitted inventory valuation method where the most recently acquired inventory is assumed to be sold first. LIFO is allowed under US…
Leveraged Buyout
A leveraged buyout is the acquisition of a company using significant borrowed funds, often secured by the target’s assets. Accounting…
Loss Ratio
Loss ratio measures the proportion of claims paid by an insurer relative to premiums earned. It evaluates underwriting performance and…
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