Terms starting with
Valuation Account
A valuation account adjusts the carrying value of an associated asset or liability, such as an allowance for doubtful debts or accumulated depreciation. It ensures…
READ MOREVendor Management
Vendor management is the process of monitoring and optimising relationships with suppliers and service providers. In accounting, it ensures timely payments, accurate billing, and efficient…
READ MOREVariance Report
A variance report compares budgeted figures to actual results to identify performance gaps. It highlights both favourable and unfavourable variances and is used by management…
READ MOREVariable Overhead
Variable overhead refers to indirect costs that change with production levels, such as power, indirect materials, and machine maintenance. These expenses are allocated based on…
READ MOREVertical Analysis
Vertical analysis expresses each item in a financial statement as a percentage of a base amount, like total sales in an income statement or total…
READ MOREVoucher
A voucher is a supporting document that authorises and records a business transaction. It serves as proof of payment, purchase, or expense and includes details…
READ MOREValuation Allowance
A valuation allowance is a reserve account used to reduce the value of a deferred tax asset when it's unlikely to be fully realised. It…
READ MOREValuation
Valuation is the process of determining the fair market value of an asset, company, or liability. Itβs essential for financial reporting, mergers and acquisitions, investment…
READ MOREValue Added Tax (VAT)
VAT is a consumption tax imposed at each stage of the supply chain where value is added. Businesses collect VAT on sales and pay VAT…
READ MOREVariable cost
Variable costs change directly with the level of production or sales. Common examples include raw materials, direct labour, and packaging. These costs increase as output…
READ MOREVariance Analysis
Variance analysis is the process of comparing actual financial outcomes to budgeted or standard figures. It identifies differences called variances that may be favourable or…
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