Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 276

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 12
Chunk 276
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alan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
financial statements for Aceztech Corporation for the year ended November 30, 2024 are prepared in accordance with accounting principles
generally accepted in the United States of America (“US GAAP”). The Company has adopted November 30 as its fiscal year end.

The
reporting currency of the Company is United States Dollars (“US$”), which is also the functional currency of the Company.

Use
of Estimates

Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the periods reported. Actual results may differ from these estimates.

Cash
and Cash Equivalents

Cash
and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

Accounts
Receivable

Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company
extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit
terms are dependent upon the segment and the customer. The Company assesses the probability of collection from each customer at the outset
of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If
in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed.

Management
performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and
its aging analysis. The allowance for credit losses is the Company’s best estimate of the amount of credit losses in existing accounts
receivable. Management reviews the allowance for credit losses each reporting period based on a detailed analysis of trade receivables.
In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of
the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship
and history with its customers, among other factors. If any of these factors change, the Company may also change its original