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 that the Loss is in the form of the goods. Therefore, the goods that are purchased are lost due to … [Read more...] about Goods lost by fire Journal Entry
Cheque Dishonoured Journal Entry
What does Cheque Dishonoured Journal entry mean? That means reversal of the following: Let's learn journal entries for each of the scenarios. Cheque Dishonoured Journal Entry Scenario I: The entity pays its vendor through a Cheque. The Journal Entry (JE) will … [Read more...] about Cheque Dishonoured Journal Entry
Bank Charges Journal Entry
Bank Charges Journal Entry does not have any unusual accounting treatment. It is similar to any other expenditure journal entry. Bank Charges are expenses to the account holder and income to the Bank. What’s the Bank Charges Journal Entry? In the Books … [Read more...] about Bank Charges Journal Entry
Accrued Audit Fees Journal Entry
Accrued Audit fees Journal entry relates the audit fees which is incurred but not paid. Hence it relates to outstanding expenses. So, that's a liability account. Audit fees are expenses charged by the audit professional against verifying and testing the books of … [Read more...] about Accrued Audit Fees Journal Entry