Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel reimbursements. It’s managed using a petty cash log and reconciled regularly. Though small in amount, proper control and documentation are essential to prevent misuse or accounting errors.
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Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or…
Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the…
Profit and Loss Statement
The P&L statement, or income statement, summarizes a company’s revenues, costs, and expenses over a period to show net profit…
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