by How To Set Up | Jan 24, 2026 | Uncategorized
A principle stating that only information significant enough to influence decisions needs to be reported. Minor errors or omissions may be disregarded. Materiality depends on both size and context.
by How To Set Up | Jan 21, 2026 | Uncategorized
A 12-month accounting period used for financial reporting and tax purposes. It may align with the calendar year or a company-chosen cycle. Many businesses choose fiscal years that reflect seasonal operations.
by How To Set Up | Jan 21, 2026 | Uncategorized
Reports the inflows and outflows of cash from operating, investing, and financing activities. It explains why net income may differ from cash position. Vital for understanding liquidity and sustainability.
by How To Set Up | Jan 20, 2026 | Uncategorized
Represents reductions in sales revenue due to returned goods or price concessions. A contra-expense account that offsets revenues. Important for tracking customer satisfaction and product quality issues.
by How To Set Up | Jan 18, 2026 | Uncategorized
The cost of obtaining the right to operate under a franchise brand. Provides access to trademarks, business models, and marketing support. Amortized over the agreement term.
