A deferred expense is a cost that has been paid in advance but will be recognized as an expense in future periods. Common examples include prepaid rent, prepaid insurance, or annual software subscriptions. It is first recorded as an asset and then gradually charged to the profit and loss statement over time.
Draft
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
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...
Discount on Sales or Purchases
A discount on sales or purchases is a reduction in the amount payable or receivable, usually given for prompt payment, bulk buying, or trade...
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