What is depreciation in accounting?
Depreciation in accounting is when you make a proportion of the depreciable amount and charge it in the income statement. The proportion is calculated by … Read more
Depreciation in accounting is when you make a proportion of the depreciable amount and charge it in the income statement. The proportion is calculated by … Read more
Objective Full disclosure is an accounting concept to ensure the financial statement user gets all the relevant information. Definition This concept requires a business to … Read more
Accounts payable is the balance that needs to be paid to the vendors/suppliers. It’s a credit balance in the balance sheet of the company. Following … Read more
The accounting for bond retirement is based on the principles of liability. In simple words, if the bond is retired, liability is removed from the … Read more
Accounting is one of the hardest aspects of corporate management. The intricacy of the accounts used to classify money movement is only one of the … Read more
A post-closing trial balance is a statement that is a statement of all balance sheet accounts having a balance of greater than zero at the end … Read more
Test of details refers to tests/procedures performed by auditor to obtain sufficient and appropriate audit evidence on different items of financial statement. These items include … Read more
Checks made on a bank account that does not have adequate money to pay the check are referred to as NSF check or “nonsufficient funds … Read more
Threats to auditor independence must be reviewed before engaging any audit activity. In simple words, an audit must be conducted independently of the client’s management. … Read more
The main difference between freight in vs freight out is that freight in is transportation expense incurred on purchasing the goods. On the other hand, … Read more
Representation letter is used by auditor to get confirmation from audit client that they have been fair in providing all the relevant information/explanation to the … Read more
In-kind benefits are any sort of benefits that are not related to money or currency and are given above the worker’s or director’s pay. Automobiles, … Read more
What is meant by Recurring Expense? Recurring expense is also known as recurring costs as the name suggests are repeating expenses. They are brought about … Read more
For an effective business management, it’s necessary to understand asset vs. expense. So, If you have started up a business or already have one, you … Read more
Disclaimer of opinion meaning Disclaimer of opinion means that auditors were not able to make any opinion on the financial statement of the business. So, … Read more
Statement of owner’s equity help to understand the current wealth owned by shareholders/owners. The movement of balance in the statement indicates whether the business has … Read more
Marketing expense is an essential expense for companies to grow and promote their products and / or services. Good marketing has become vital in today’s … Read more
Delivery note meaning The delivery note is a shipping document that enlists details of delivery. It’s generally used to certify/verify receipt of the goods by … Read more
Credit repair refers to corrections in the credit report. If there is any error in your credit report, these errors are reported to the credit … Read more
Personal finance management might challenge you today. However, if you accept this challenge and move in the right direction, it pays off with a higher … Read more