accounting SAC

• Internal control refers to a system of procedures that protect the assets of a business and ensure the accuracy of its accounting system.
• Current assets are resources expected to provide economic benefits within the next 12 months.
• Non-current assets are economic resources acquired for the purpose of generating revenue over a period greater than 12 months.
• Current liabilities are obligations expected to be settled within the next 12 months.
• Non-current liabilities are obligations expected to be settled over a period greater than 12 months.
• The trial balance is a listing of all the ledger accounts found in the general ledger and their debit or credit balances.
• Liquidity measures the ability of a business to meet its short-term debts as they fall due
• Benchmarks are tools used to measure performance by comparing financial results against some established criteria.