Provision is an amount set aside out of profits in the accounts of an organisation for a known liability (even though the specific amount might

A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time – usually a fiscal quarter or year. These

Operating accounts include revenues (tuition, fees) expenditures (labor related costs, supplies and services), and transfers. (source: http://www.financeglossary.net/definition/2484-Operating_Accounts)

Accounting term referring to a credit posting entry that compensates a debit entry or vice versa.

Net assets is defined as total assets minus total liabilities. In a sole proprietorship the amount of net assets is reported as owner’s equity. In

Often referred to as the bottom line, net profit is calculated by subtracting a company’s total expenses from total revenue, thus showing what the company