Write-Down
A write-down is a reduction in the book value of an asset when its fair market value falls below the carrying amount. It reflects asset impairment and is recorded as an expense. Write-downs are common with inventory, receivables, or fixed assets and help maintain accurate financial reporting.
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Withdrawals (Owner’s Drawings)
Withdrawals refer to funds or assets taken out of the business by the owner for personal use. These are recorded…
Working Trial Balance
A working trial balance is an internal report prepared before finalising financial statements. It includes all ledger accounts and adjustments,…
Work Order Accounting
Work order accounting tracks the costs, materials, and labour associated with specific projects or manufacturing jobs. It helps determine actual…
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