Furniture can be office equipment or any other non-current asset that helps in fulfilling the business objectives. Irrespective of the nature, the testing approach is the same. Auditing furniture includes identifying the risks, determining the appropriate controls that address … [Read more...] about What steps does Audit of furniture includes?
Cash Sales Journal Entry
Cash Sales Journal entry is 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 always be favorable for Cash Sales. Who … [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. Loss sustained by the Company is 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 … [Read more...] about Cash Stolen Journal entry
Personal Car Introduced in the business Journal Entry
Personal Car introduced in the business It results in bringing new assets into the business. We can recognize any expense as capital if Are you aware of the Business Entity Concept? We need to treat the business and its Owner as two separate persons for … [Read more...] about Personal Car Introduced in the business Journal Entry