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Prepaid income means money received in advance before the related goods are delivered or services are provided. Since the earning obligation is still outstanding,...

A prepaid expense is a payment made in advance for goods or services that will benefit future accounting periods. Examples include prepaid rent, insurance,...

A post closing balance sheet generally refers to a balance sheet or related position statement prepared after closing entries have been completed for the...

Physical inventory means the actual counting and verification of stock on hand at a specific date. It is done to confirm that recorded inventory...

Petty cash is a small amount of cash kept on hand for minor day-to-day expenses such as courier charges, local travel, office tea, or...

Perpetual inventory is an inventory system where stock records are updated continuously after every purchase, sale, return, or movement. It gives near real-time visibility...

Payroll refers to the total process of calculating, recording, and paying employee compensation, including salaries, wages, bonuses, deductions, taxes, and benefits. It is not...

A partnership is a business structure where two or more persons agree to carry on a business together and share profits, losses, and responsibilities...

Par value is the nominal or face value assigned to a share at the time it is issued. It is often a very small...