Accounting is the science of recording the financial transactions that occur in a business. The Core accounting fundamentals don’t differ by industry or business nature. Think of Math's Multiplication tables, which don’t differ for each branch. The primary purpose of … [Read more...] about What do you think is the Primary Purpose of accounting is to?
Credit Memo Journal Entry
A Credit Memo Journal entry is a way of offsetting the previously recorded sales transaction. Not all Sales transactions are final; there can be sales returns. The best example is the e-commerce business, which offers a 7-day return or replacement policy for each sale. … [Read more...] about Credit Memo Journal Entry
Utilities payable journal entry
Utilities payable journal entry is to record the liability incurred towards the consumption of the daily essentials such as water, power, gas, etc. These commodities are fundamental necessities for any household or business. Accounting Prerequisites Recording the … [Read more...] about Utilities payable journal entry
What is Statutory Audit
Statutory audit focus is to verify the financial transactions in books of accounts. The respective laws and regulations govern performing these audits. For instance, the SEC calls for a Mandatory audit requirement for all public companies. An Independent Certified Public … [Read more...] about What is Statutory Audit
Property tax accrual journal entry
Property tax accrual journal entry is to record a due entry. We can consider it as a remainder entry. It’s a standard accounting practice to record the entries as and when the expenses are incurred, irrespective of the payment status. Let’s have a logical understanding … [Read more...] about Property tax accrual journal entry