Reconciling Item
Any difference between two records of the same balance — a cash book and a bank statement, a subledger and a control account — that must be individually explained before the two can be said to agree.
Related terms
- QRMP Scheme
Quarterly Return Monthly Payment — a GST compliance scheme allowing small taxpayers to file returns quarterly while still paying tax monthly.
- Qualified Opinion
An opinion stating that, except for a specific identified matter, the financial statements give a true and fair view.
- Related Party Transaction
A transaction between the company and a party connected to it by ownership, control or significant influence — subject to specific identification, approval and disclosure requirements.
- Residual Value
The estimated amount an entity would obtain from disposing of an asset at the end of its useful life, after deducting disposal costs.
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252 terms in total, or go deeper with working procedures and worked examples in the resource library.