Since you are accountants, I've chosen something which is more complex for me than it is for you.
(Check on the use of the word since in the top sentence)
Concepts you know and I don't :
The separation / segregation of duties concept prohibits the assignment of responsibility to one person for the acquisition of assets, their custody, and the related record keeping. For example, one person can place an order to buy an asset, but a different person must record the transaction in the accounting records
Write-off. ... A write-off is a reduction of the recognized value of something.
In accounting, this is a recognition of the reduced or zero value of an asset.
In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.
In accounting, this is a recognition of the reduced or zero value of an asset.
In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.
General ledger accounting refers to recording and accounting used in storing and sorting out income statement and balance sheet transactions. General ledger accounts are diverse such as investments, cash, land, accounts receivable, to equipment and inventory.
