Suspense Account
A suspense account is a temporary holding account used when there are uncertainties or discrepancies in transactions. It stores unclassified or incomplete entries until they’re properly identified and posted to the correct accounts. It helps maintain balance in the trial balance while errors are investigated and resolved.
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Share Capital
Share capital is the total amount invested in a company by shareholders in exchange for shares. It represents a key…
Stocktaking
Stocktaking is the physical counting and verification of inventory on hand at a specific point in time. It ensures the…
Sales Revenue
Sales revenue is the total income generated from selling goods or services before deducting any costs or expenses. It’s the…
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