Tax Deducted at Source: Tax deducted at Source is income tax deducted by the Employer when paying salary to their employees. The Employer is paying tax to the government on behalf of the employee. Let's understand some basics before learning the TDS on Salary Journal … [Read more...] about TDS on Salary Journal Entry
Trade Payable vs Non Trade Payable
Payables are debts that must be settled in a year or more, depending on their nature. Businesses thrive through the trading of goods or the offering of services. Such operations require support from suppliers or service providers. Raw materials or any business inputs are obtained … [Read more...] about Trade Payable vs Non Trade Payable
Fictitious Assets
Fictitious assets are expenses presented as assets. Preliminary expenses are an example of this asset. The presentation is for disclosure purposes. What's the Fictitious definition? Fictitious means unreal or not true. Fictitious assets are So, the name itself … [Read more...] about Fictitious Assets
Test of Details
Definition: Test of details is a substantive procedure. It's a response to the risk assessment. Substantive procedures help the auditors to Test of details is testing the financial information by diving into the details of Here, we perform testing by verifying all the … [Read more...] about Test of Details
Ultimate Guide to Auditor’s Performance Materiality
Definition: Performance materiality (PM) Refer below to understand this statement with an example. Factors Considered for Calculating Performance Materiality: Performance Materiality (PM) is calculated as a percentage of materiality. The Percentage is … [Read more...] about Ultimate Guide to Auditor’s Performance Materiality