Sundry expenses are costs which may be relatively small or occur infrequently and are therefore not assigned to a specific ledger group. They are also known as miscellaneous expenses and are classified together as a grou... More »

A sundry account is a business account where miscellaneous income is reported. This income is not generated by the sale of the company's products or services, but must be accounted for because it increases the company's ... More »

In accounting, the term "sundry creditors" is used to designate a group of suppliers on a ledger sheet, according to The Law Dictionary. It is typically used for suppliers that are used infrequently or that do not fit in... More »

Companies use adjustment entries to align expenses and revenues to the accounting period where they occurred. The process ensures that all income, expense, asset and liability accounts reflect their true values when repo... More »

The prudence concept, also known as the conservatism principle, is an accounting principle that requires an accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured or ... More »

Accrual accounting provides an accurate way of matching business income and expenses to the correct time periods, explains Nolo. Businesses with sales of over $5 million per year or inventories exceeding $1 million are l... More »

Fixed costs are business expenses that do not fluctuate in line with changes in production levels or sales volumes, while variable costs are expenses that fluctuate directly and in proportion to changes in production and... More »