What is an outstanding salary?
Outstanding salaries are the compensations that are expected and have not yet been paid. For instance, if a worker of... View Article
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How do you treat outstanding expenses?
The remarkable cost is an individual record with a credit balance and is treated as an obligation for the business.... View Article
What is the suspense head of the account?
Certain intermediary changing Heads of Accounts known as Suspense Heads are used in Government Accounts to reflect exchanges of receipt... View Article
What is an interest suspense account and how is it calculated?
An interest suspense account is where the interest is determined and considered into the assets that are obtained and paid... View Article
Give an example of an error of omission.
An error of omission happens when you neglect to enter an exchange in the books. You might neglect to enter... View Article
What are the four types of errors?
The four types of accounting errors are: Errors of duplication Errors of commission Compensating errors Errors of omission Also see:... View Article
What is an error of omission and commission?
Errors of omission are characterised as those mistakes that result from an incomplete or complete exclusion of an exchange from... View Article
What is the difference between an error of commission and an error of omission?
The difference between an error of omission and an error of commission are: BASIS FOR COMPARISON ERROR OF OMISSION ERROR... View Article
Is marshalling the same as serialization?
Marshalling and serialisation of balance sheets mean the same thing as they arrange the items of assets and liabilities of... View Article
What are the different types of errors and frauds?
The different types of errors are : Errors of duplication Errors of commission Compensating errors Errors of omission The different... View Article
How do you find the error of omission?
At the point when a few transactions are totally omitted from the books of records or entered however not posted,... View Article
What are reserves and provisions in auditing?
Reserves: are created to save a concern from future losses and liabilities. Reserves can be made only out of profit.... View Article
What type of reserve is provision?
A reserve is an allocation of benefits for a particular reason, while a provision is a charge for an expected... View Article
What is the meaning of reserve and provision?
A reserve is an allotment of benefits for a particular reason. The most widely recognized reserve is a capital reserve,... View Article
What are the 10 steps in the accounting cycle?
The ten steps in the accounting cycle are: Examining the transactions. Passing the journal entries of the respective transactions. Posting... View Article
What are three examples of transaction source documents?
The three examples of transaction source documents are: Timecard Bank statement Sales order
What are the 6 steps of accounting?
The six steps of accounting are: Identify and post the transactions. Post transactions to the ledger after passing it through... View Article
How do you record transactions?
The steps involved in recording transactions are: Identify transactions. Record the transaction into journal entries. Post the journal entries to... View Article
What is a business transaction example?
A business transaction is a monetary occasion with an outsider or third party that is recorded in an association’s accounting... View Article
Is furniture a long-term asset?
These are tangible assets or long-term resources that incorporate structures, land, vehicles, machinery, equipment, and furniture. These are physical, substantial... View Article
