Value 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 on purchases, remitting the difference to tax authorities. It’s widely used internationally and requires careful tracking of input and output tax.
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Valuation Account
A valuation account adjusts the carrying value of an associated asset or liability, such as an allowance for doubtful debts…
Vendor Management
Vendor management is the process of monitoring and optimising relationships with suppliers and service providers. In accounting, it ensures timely…
Variance Report
A variance report compares budgeted figures to actual results to identify performance gaps. It highlights both favourable and unfavourable variances…
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