What is the meaning of debtor?

Looking at this from the other side, a person who owes money is a debtor. A debtor is a term used in accounting to describe the opposite of a creditor – an individual that owes money, or who is in debt to an organisation or person. For example, a debtor is somebody...

Single-Step vs Multi-Step Income Statement

Workers whose employment terminates on or before 31 March 2024 are able to claim any pay in lieu of any remaining entitlement they were unable to use due to the effects of coronavirus. Workers will still be able to use the leave they accrued prior to 1 January 2024...

What is an outside accountant?

Some companies also include the costs of goods sold (COGS) as an operating expense. For example, direct labor or rent for production facilities may be classified as different types of operating expenses. There are some costs that are infamously ballooned, like hotel...

Petty cash definition

While the actual funding should be recorded, the individual purchases do not need to be officially recorded. As financial transactions have become digital, many options are now available to manage petty cash. Most businesses now use different online platforms to make...