Account reconciliation involves comparing financial records to ensure accuracy, identifying discrepancies, and maintaining consistent financial reporting.
A corporate balance sheet is a financial tool that provides a snapshot of a company’s assets, liabilities, and equity, guiding strategic decisions and ensuring financial clarity.
Liability in accounting refers to a company's financial obligations, including debts like loans and accounts payable, categorised as current or long-term liabilities.
Learn how general ledger (GL) organises financial transactions, ensuring accuracy and compliance, and supports double-entry accounting.
Accrual accounting records transactions when they occur, while cash basis accounting records them when cash is exchanged.
Accrual accounting records revenues and expenses when earned or incurred, not when cash is exchanged, offering accurate financial insights.
