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 self-balancing structure and helps reduce errors in the books. It is the foundation of modern accounting and financial reporting.
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...
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...
Direct Overhead
Direct overhead refers to overhead costs that can still be linked specifically to a certain job, contract, or production activity. Although overhead is usually...
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