Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or services. It includes details like quantity, price, terms, and delivery dates. In accounting, POs help manage procurement, track commitments, and support internal controls over spending.
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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…
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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