SALY stands for Same as Last Year, an abbreviation used in public accounting. Auditors commonly use it in their work papers. SALY is used when the audit team plans to perform the same procedures as the prior year and the approach has not changed. The auditor's job often … [Read more...] about What does SALY (Same as Last year) mean in public accounting terms?
Understated vs Overstated accounting
Understated vs Overstated accounting is a scenario in which financial records reflect false information. The Primary Purpose of accounting is to record transactions so as to reflect the true and fair picture of profits, assets, debts, and capital. However, the terms … [Read more...] about Understated vs Overstated accounting
What do you think is the Primary Purpose of accounting is to?
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