Asset Disposal Journal Entry is to record the removal of an asset from the business books. Disposal doesn't necessarily mean that there is an asset demolishment or retirement due to unusable state. The disposal of assets can happen due to any of the following … [Read more...] about Asset Disposal Journal Entry
Accounting
Outstanding Subscription Accounting
An outstanding Subscription account can be Confused? Let's drill down. Well, the answer depends on context. How about a brief example? Outstanding Subscription Example Consider a Social Club named "Dislike." Social Club is a place where individuals with … [Read more...] about Outstanding Subscription Accounting
Management Override of Controls
Management Override of Controls is bypassing the rules/steps established by the company for achieving its business objectives. This override of controls can be harmful to the business. In other words, it's a part of fraudulent activities. Lets understand the concept of … [Read more...] about Management Override of Controls
How to Journalize Transactions
Journalize here means recording the financial transactions as they occur The record in which accounting transactions are documented is called Journal. There are different types of Journal books. Purchase Journal, Sales Journal, Returns Inward Journal, Returns Outward Journal, … [Read more...] about How to Journalize Transactions
Outstanding Expenses
We often hear the term outstanding expenses in an accounting context. Those are unpaid expenditures. In other words, those are incurred but remain unpaid. Those amounts don't necessarily fall into the group of Bad or Doubtful. There can be a valid reason, such … [Read more...] about Outstanding Expenses
