Opening Balance
The opening balance is the amount carried forward in an account at the start of a new accounting period. It’s either a debit or credit depending on the account type. Opening balances are essential in bookkeeping as they link previous period results with the current accounting cycle.
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Off-Balance Sheet Items
Off-balance sheet items are assets or liabilities not recorded directly on the balance sheet but still impact financial health. Examples…
Operating Lease
An operating lease is a rental agreement where the lessee uses an asset without owning it. It doesn’t appear on…
Obsolescence
Obsolescence occurs when an asset becomes outdated or no longer useful due to new technology, market changes, or wear and…
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