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A draft is a written order directing one party, usually a bank or customer, to pay a specified amount to another party. It is...

Double-entry accounting is the system where every transaction affects at least two accounts, with total debits always equal to total credits. This creates a...

A discount on sales or purchases is a reduction in the amount payable or receivable, usually given for prompt payment, bulk buying, or trade...

Direct overhead refers to overhead costs that can still be linked specifically to a certain job, contract, or production activity. Although overhead is usually...

A direct cost is a cost that can be specifically traced to a product, project, service, or cost object. Examples include raw materials and...

Differential cost is the difference in cost between two alternatives or decisions. It is useful in management accounting when choosing between options such as...

A detailed audit involves a thorough examination of financial transactions, records, controls, and supporting documents. It goes beyond surface-level checking and looks deeply into...

Depreciation expense is the amount of depreciation charged to the profit and loss statement for a particular accounting period. It reduces reported profit but...

Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the wear and tear, usage, or...

Depleted cost refers to the portion of the cost of a natural resource that has been allocated based on extraction or usage. It is...

Departmental accounting means maintaining separate financial records or performance tracking for different departments within the same business. This helps management understand which departments are...

A demand deposit is money kept in a bank account that can be withdrawn at any time without prior notice. Examples include balances in...