Terms starting with
Trade Discount
A trade discount is a price reduction offered by sellers to buyers, usually wholesalers or repeat customers, for bulk purchases or long-term business relationships. It…
READ MORETrust Account
A trust account is a special bank account where funds are held by one party for the benefit of another. Common in legal, property, and…
READ MORETransfer Pricing
Transfer pricing is the method used to determine prices for goods, services, or intellectual property exchanged between related entities within a multinational group. It ensures…
READ MORETrade Receivables
Trade receivables are the amounts customers owe to a company for goods or services sold on credit. They are recorded as current assets and directly…
READ MORETrade Payables
Trade payables represent amounts owed by a business to its suppliers for goods or services received on credit. They appear under current liabilities on the…
READ MORETax Provision
A tax provision is an accounting estimate made to record a company’s expected tax liability for a specific period. It ensures that income tax expenses…
READ MORETreasury 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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