Receivable
Receivables are amounts owed to a business by customers or clients for goods delivered or services provided on credit. They’re considered current assets and appear on the balance sheet. Proper receivables management is crucial for maintaining cash flow, reducing bad debts, and evaluating credit risk.
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Reverse Entry
A reverse entry is made at the beginning of a new accounting period to cancel out an adjusting journal entry…
Revenue Recognition
Revenue recognition is the accounting principle that determines when income should be recorded. Under accrual accounting, revenue is recognised when…
Retained Earnings
Retained earnings represent the cumulative net profit a company keeps after distributing dividends to shareholfers. Reported under equity on the…
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