Gross income is revenue minus the cost of goods sold; net income is profit after all expenses and taxes.

It determines when a business’s revenue equals its costs, indicating no profit or loss.

Working capital is current assets minus current liabilities, indicating short-term financial health.

Ratios like liquidity, profitability, and solvency help analyze financial health and performance

A budget is a financial plan that estimates income and expenses over a specific period.

Accrual accounting records revenues and expenses when they are earned or incurred, not when cash is exchanged.

Accounts payable is money a company owes; accounts receivable is money owed to the company.

Depreciation spreads the cost of a tangible asset over its useful life.

Auditing ensures the accuracy and fairness of financial statements and compliance with regulations

IFRS stands for International Financial Reporting Standards, used globally for financial reporting.