Post Closing Balance Sheet
A post-closing balance sheet reflects the company’s financial position after all temporary accounts (revenues, expenses, dividends) are closed. It shows only permanent accounts, assets, liabilities, and equity carried into the next accounting period. It’s useful for verifying balances before starting a new cycle and ensuring books are reset.
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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…
Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel…
Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the…
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