Furniture can either be office equipment or any other non current asset that helps in thriving the business objectives. Irrespective of the nature, the testing approach is same. Audit of furniture includes identifying the risks, determining the appropriate controls that address … [Read more...] about What steps does Audit of furniture includes?
Accounting
Cash Sales Journal Entry
Cash Sales Journal entry is the most often recorded accounting transaction. Sales are crucial to the success of any business. Profits and Sales are directly proportional to each other. Thus, businesses adopt a variety of strategies to increase their sales volume and will … [Read more...] about Cash Sales Journal Entry
Accounting for Repair and Maintenance Journal entry
Trying to understand the accounting of repair and maintenance journal entry? Pat yourself on the back. You've found the ideal blog. The definition of repairs and maintenance will be covered first (of course with an example), followed by journal entry, provision for repairs, … [Read more...] about Accounting for Repair and Maintenance Journal entry
Cash Stolen Journal entry
The purpose of the Cash Stolen journal entry is to record the monetary loss sustained by the Company due to theft or robbery. Embezzlement can occur either due to internal employees or with help of external parties to the company. A high chance of such loss are due to … [Read more...] about Cash Stolen Journal entry
Personal Car Introduced in the business Journal Entry
Personal Car introduced in the business Journal entry is to record the assets brought into the business. If there is some asset inflow by owner into business and it assists in advancement of business operations, then we need to recognize it as capital. Are you aware of the … [Read more...] about Personal Car Introduced in the business Journal Entry
