No, abnormal costs cannot be controlled or in other words, abnormal costs are uncontrollable. Also read: Abnormal Loss Balance Sheet Vs... View Article
Prepaid expenses are those expenses for which an amount has been paid in advance for a good or service, even before receiving the service. Also... View Article
Unpaid salary is regarded as an outstanding expense. The journal entry for unpaid salary or salary outstanding is as follows: Salary A/c Dr. To... View Article
Outstanding salary is considered as a liability for the business which is due within the current accounting period. Therefore, it is regarded as... View Article
Outstanding expenses are regarded as a personal account because it represents expenses that are outstanding towards a group of individuals. Also... View Article
Outstanding rent is considered as current liability in accounting. Therefore, it is not an asset. Also read: Outstanding Expenses Learn... View Article
Outstanding expenses are considered as current liabilities in accounting and are recorded as follows: In the balance sheet it is placed under... View Article
Outstanding expenses are regarded as current liabilities that need to be paid within the same accounting period. Also read: Outstanding... View Article
Outstanding expenses are those expenses that are incurred during the course of an accounting period but are due for payment or the payment for... View Article
The treatment of outstanding expenses is different in different financial statements. For e.g In the Balance sheet it is shown under the head... View Article
Suspense account can be reconciled by reviewing each and every individual transaction. Similar to other accounts, suspense accounts are also... View Article
Some examples of assets are land, machinery, vehicles etc. Also read: True and False Questions on Depreciation What Is Depreciation MCQs on... View Article
The suspense account is considered as a current asset as most of the times it is used to record transactions related to accounts receivables.... View Article
Whenever there is a complete omission of a transaction in accounting records, such instances are regarded as errors of omission. Also read:... View Article
An error of commission occurs when an incorrect amount has been recorded in the correct subsidiary book or a correct amount has been recorded in... View Article
