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Payroll deduction is an amount withheld from an employee’s paycheck by the employer to cover taxes, benefits, or other authorized...

Zero-proof bookkeeping is a method where every transaction is recorded using a double-entry system, ensuring total debits equal total...

In accounting, "on account" means a partial payment or transaction made in advance or as credit, not settled in full at the time. It can...

A trial balance is a financial report that lists all ledger account balances at a specific date to ensure total debits equal total...

Yes, $3,000 can be enough to start a small business, especially online or service-based (like freelancing, consulting, dropshipping, or...

The 3 C's of auditing are Compliance, Controls, and Checks. They ensure that processes follow rules, systems have safeguards, and...

An employee benefit trust (EBT) is a legal arrangement where a company sets up a trust to provide benefits like bonuses, shares, or...

A payslip is a document given to an employee that shows their earnings, deductions, and net pay for a specific pay period.

An audit trail is a recorded history of all changes or transactions in a system, allowing tracking, verification, and accountability of...

A bank statement is a summary of all transactions in a bank account over a set period, showing deposits, withdrawals, fees, and the...

CFO remuneration refers to the total compensation paid to a Chief Financial Officer, including salary, bonuses, stock options, and other...

A general entry is a record of a financial transaction in a company's accounting journal, detailing the date, accounts affected...