Any Business exists to achieve its primary objective. Such objectives can be Profit or Service Oriented. Each organization comprises various departments. Each department can function effectively only if Here controls are specific rules or standards. Each … [Read more...] about Advantages of Internal Control System in Auditing
Paid freight journal entry
Freight is an expenditure relating to the transportation of goods by any medium like train, ship, road, or aircraft. Said differently, it’s nothing but carriage inwards or carriage outwards. Carriage inward and carriage outward relates to purchase and sale of goods, respectively. … [Read more...] about Paid freight journal entry
Is accounts receivable a liability or asset?
Accounts Receivable are the amounts due to the entity from its customers. The straightforward answer to the question, 'Is accounts receivable a Liability or asset' is -it's an asset. Further, Accounts Receivable is a broad term. So, let's try to peel off each layer of … [Read more...] about Is accounts receivable a liability or asset?
Cheque received journal entry
The Cheque received journal entry is to account for the bank receipts. Such receipts primarily will be from the debtors. However, there will be receipts from the other transactions as well. Such examples are added below for reference Receipts relating to 1. Insurance … [Read more...] about Cheque received journal entry
Journal entries questions and answers
Journal Entry is an accounting equation to record GL Accounts on debit and credit sides depending on the nature of the financial transactions. Golden Rules of Accounting forms the basis for deciding which GL account needs to be debited or credited. So, we will start with some … [Read more...] about Journal entries questions and answers