Staff Welfare (SW) Expenses are the expenses incurred for the benefit of employees of the entity. These expenses need not be in monetary nature. SW expenses can be in the form of non-monetary value like Gifts, Refreshments, reimbursements to employee on incurring the expenses … [Read more...] about Staff Welfare Expenses
Stationery Journal Entry
Purchased Stationery JE is an expense. Recording stationery expense is simple. How's the JE output? There is an alternative treatment. Credit GL can be a different one. Credit can be either to Estimated Time to Read: Accounting is to record all the … [Read more...] about Stationery Journal Entry
Audit Materiality (with Examples)
Audit Materiality means a quantitative value used to verify if an account balance or transaction is worth performing testing procedures in an audit context. There is no specific formula for arriving at the Materiality numbers, and it depends on who are the users of the financial … [Read more...] about Audit Materiality (with Examples)
Audit Expenses: Meaning, Audit Assertions, Risks & Substantive Procedures
Are you wondering how to perform the audit of expenses ?. The topic "Audit expenses" lists out audit procedures for testing the expenses. Expenses can be Operating and Non-Operating in nature. Operating Expenses are the expenses that help in the effective and efficient operations … [Read more...] about Audit Expenses: Meaning, Audit Assertions, Risks & Substantive Procedures
Goods lost by fire Journal Entry
Are you wondering how to record the Goods lost by fire journal entry? Goods Lost by Fire is similar to any other Loss to the business, and the only difference here is the Loss is in the form of the goods. Therefore, the goods which are purchased are lost due to … [Read more...] about Goods lost by fire Journal Entry
