Unbilled Revenue can be defined as revenue that has been earned by the company, but it is not yet recorded on the accounts of the company. It is recognized as the revenue that has been accounted for, but relevant invoices have not yet been sent to the customers. Unbilled revenue simply implies that there are

VAT is basically a consumption tax that is levied on goods and services at every stage of the supply chain; typically where value is added, from the initial production to the point of sale. The VAT that the user pays depends on the underlying cost of the product, adjusted for any cost of materials in

Non-sufficient Fund (NSF) Checks refer to the status of checking accounts that do not have enough money to cover transactions. It is described as the fee charged when a check is represented but cannot be used by the balance in the account. They are also referred to as bounced checks. If the bank receives a

The owner’s drawings and dividends are two different methods of withdrawing funds from a business. Although both methods have similar impacts on a business and for business owners, they work differently. Let us discuss what are owner’s drawings, dividends, and salary methods and their implications for business owners. What is Owner’s Drawing? Owner’s drawing, owner’s

Definition of Foreign Exchange Gains and Losses Foreign exchange gains and losses are referred to as losses that are incurred when a company purchases goods and services in foreign currency. The currency fluctuation exists on a normal basis, and as a result of this fluctuation, there is a difference in monetary assets and liabilities, which

What is meant by Repairs and Maintenance Expense? Repairs and Maintenance Expenses can be defined as costs that are incurred in order to restore the condition of the asset. The proper accounting that is incurred for these costs is to charge them to the respective expense period when the cost is actually incurred, as per