Inventory Shrinkage Definition

What is Inventory Shrinkage? When a business takes a physical count of its inventory there is normally an unexplained difference between the physical count

Last modified May 30th, 2018 by Michael Brown
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Goodwill

What is Goodwill? Goodwill is the amount by which the price paid for a business exceeds the fair value of the identifiable net assets

Last modified November 21st, 2018 by Michael Brown
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Checking Account

What is a Checking Account? A checking account is an account opened by a business with a bank to enable it to deposit and

Last modified March 23rd, 2016 by Michael Brown
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Supplies on Hand

What are Supplies on Hand? All businesses use small consumable items such as paper, pens, paperclips, light bulbs, hand towels etc. Normally a small

Last modified May 30th, 2018 by Michael Brown
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Suspense Account

What is a Suspense Account? The suspense account in accounting is a general ledger account used to make temporary unclassified transaction postings until the

Last modified May 30th, 2018 by Michael Brown
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Deferred Tax

The balance sheet shows a financial snapshot of the business at a specific point in time, usually at the end of an accounting period.

Last modified July 10th, 2018 by Michael Brown
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Time and a Half

Time and a half is a term used in relation to the payment of employees by a business. An employee has a normal hourly

Last modified March 23rd, 2016 by Michael Brown
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Utilities Expense

What is a Utilities Expense A business utilities expense is a cost a business pays for using the infrastructure provided by public utilities companies,

Last modified May 30th, 2018 by Michael Brown
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Net Credit Sales

What are Net Credit Sales? Net credit sales are credit sales less any sale returns, sales allowances and sales discounts, and represent the true

Last modified November 21st, 2018 by Michael Brown
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Garnishment

What is a Garnishment? A garnishment is a legal process in which one person (the garnishee) is ordered to withhold money due to another

Last modified March 23rd, 2016 by Michael Brown
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