We can infer from the Article name, "Outstanding Expenses Journal Entry" that the journal entry relates to the expenses which are not paid but incurred. Confused? Let's break it down. Business thrives based on credit allowed by its suppliers and permitted credit to its … [Read more...] about Outstanding Expenses Journal Entry
Legal fees journal entry
Legal fees journal entry isn't a very different from the other expenses journal entries. It's just that the name and nature of the expense is different. So, the accounting treatment is same. What expenses constitute Legal Fees? Legal fees are the expenses relating to … [Read more...] about Legal fees journal entry
Permanent Audit File
The permanent audit file (Perm File) consists of documents or contracts of audit significance beyond the current audit period. Audit documentation is a crucial aspect of planning and performing audits. There is a saying that if the work is not documented, it's called as not done … [Read more...] about Permanent Audit File
Tds receivable journal entry
Pat on your back. You have landed on a comprehensive blog relating to journal entry. Before moving onto the main topic of "TDS Receivable Journal Entry", lets understand some basic concepts. Accounts Receivable is a current asset to the entity. This is recorded to account … [Read more...] about Tds receivable journal entry
Accounts Payable Audit Procedures
Accounts Payable Audit procedures are quite different from the testing of other liability account balances. The population is from the period outside the period under audit. Interesting, right? Read on further to understand those procedures. Accounts Payable is a … [Read more...] about Accounts Payable Audit Procedures