Accounting

Both normal and abnormal losses are types of losses that have an impact on the company’s finances and its overall condition. Normal loss actually refers…

In reality, a loss is considered normal if it happens as expected during regular company operations, whereas a loss is considered abnormal if it happens…

Risk-based internal auditing (RBIA) is an internal methodology that focuses on the inherent risk in the activities or system and provides assurance that risk is…

Risk-based auditing is a type of auditing that focuses on risk analysis and management. It is an auditing approach that focuses on identifying and assessing…

Operational auditing is a systematic examination of operational effectiveness, efficiency, and economy. Its goal is to evaluate the efficiency, effectiveness, and cost-effectiveness of these processes…

Internal auditing is an independent, objective assurance and consulting activity that adds value and improves the operations of a company. It assists an organization in…

Sustainability accounting is a type of accounting that considers the environmental, social, and economic impacts of a company’s activities. It involves measuring and reporting on…

A term loan is a type of loan that is typically paid back over a fixed period of time, usually in regular installments (such as…

The Balance of Payments (BoP) is a statistical record of a country’s international transactions with the rest of the world over a specific period of…

Variable costing is a methodology that only assigns variable costs to inventory. This method requires that all overhead costs be charged to expense in the…

A current asset is an asset that is expected to be converted into cash within one year or one operating cycle, whichever is longer. Current…

A capital asset is a long-term asset that is held by a company or individual to generate income or increase in value over time. Examples…