Nominal Account
Nominal accounts are temporary accounts used to record income, expenses, gains, and losses during a period. They are closed at the end of each accounting period, and their balances are transferred to retained earnings. For example, it include rent expense, service revenue, and interest income.
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Non-current Liabilities
Non-current liabilities are long-term financial obligations not due within the current fiscal year. These include bonds payable, long-term loans, deferred…
Net Realizable Value
NRV is the estimated selling price of an asset, less any costs required to complete or sell it. It’s commonly…
Non-cash Expense
Non-cash expenses are costs that don’t involve actual cash outflows during the period. Common examples include depreciation, amortization, and stock-based…
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