Risk Assessment involves: How is Risk Assessment performed ? Before deep diving into this concept, lets focus on understanding the risk assessment definition. Risk assessment is an iterative process that occurs throughout the audit period. So, this process is dynamic. … [Read more...] about Audit Risk Assessment Process
Creditors Journal Entry
Are you pondering about how to record the Creditors Journal Entry? Don't worry! We have got you covered. Lets peel each of the exteriors to enjoy the fruit. We will start with some basics here. Creditors fall under Current Liability Those are Suppliers of Goods … [Read more...] about Creditors Journal Entry
Contingent Assets
What are Contingent Assets? A contingent asset is a How does the Gain arise? The Gain arises from transactions or events, the outcome of which is not certain as of date. How about an example here? For example, a firm may have a legal claim against another … [Read more...] about Contingent Assets
Unbilled Accounts Receivable
Unbilled accounts receivable is also an accounts receivable which is not invoiced to the customers. So, it's a revenue where there is a postponement of billing. This GL forms part of the current asset in the Balance Sheet. How do Unbilled accounts receivable … [Read more...] about Unbilled Accounts Receivable
Cash Dividend Journal entry
The dividend is a way of sharing profits with investors. Do you know the reason to Pay Dividends? Those are significant motivating factors for driving business investments. So, Companies tend to declare dividends to their shareholders. We must follow several steps to … [Read more...] about Cash Dividend Journal entry