Terms starting with
Treasury Stock
Treasury stock refers to a company’s own shares that were issued and later repurchased from shareholders. These shares are held in the company’s treasury and…
READ MORETurnover
Turnover refers to the total revenue generated by a business during a given period. In some regions, it’s used interchangeably with sales. In others, it…
READ MORETemporary Account
Temporary accounts track financial activity for a specific period and are closed at period-end. Examples include revenue, expense, and dividend accounts. Their balances are transferred…
READ MORETax Payable
Tax payable is a liability that represents the amount of taxes a business owes to the government but has not yet paid. It includes income…
READ MORETax Deductible Expense
A tax-deductible expense is a cost that can be subtracted from a company’s taxable income, reducing its tax liability. Examples include rent, salaries, utilities, and…
READ MORETangible Asset
Tangible assets are physical items a business owns that provide future economic benefits. Examples include machinery, vehicles, buildings, and equipment. They are recorded on the…
READ MORETrial Balance
A trial balance is a report that lists all general ledger account balances at a specific date, separated into debits and credits. Its purpose is…
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