Also known as prime interest rate or prime lending rate. The lowest annual rate of interest that a Canadian commercial bank makes available to its best and most creditworthy customers. A bank may, however, charge an interest rate that is below its prime rate if a borrower is a very low credit risk.
A bank's prime rate is a floating rate of interest that may change from day-to-day. In Canadian loan transactions, the prime rate will be used as a reference rate for loans denominated in Canadian dollars that bear interest at a daily rate.
US Generally Accepted Accounting Principles (US GAAP)
The generally accepted accounting principles used to prepare the financial statements of companies in the United States.
Xero is a New Zealand–domiciled public technology company, listed on the Australian Securities Exchange. Xero is a cloud-based accounting software platform for small- and medium-sized businesses.
Recurring Journal is an accounting entry which is repeated periodically in some cases. Recurring journals is required for recording transactions like salary, amortization, recurring purchases, recurring sales etc., The same entries with the same ...
Reconciliation is the process of comparing a bank statement with the bank ledger (chart of account) entries to correct any discrepancy in the book of accounts. All the companies perform reconciliation to ensure that the accounting is in line with the ...
Sometimes, the value of an asset decreases significantly with time. In such a case, we need to write down the value of the asset to its current value. Write down is performed in cases like Asset Depreciation, Damage of Goods, etc. Example Let’s say ...