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Historical cost or valuation IFRS: Historical cost is the main accounting convention. However, IFRS permits the revaluation of intangible assets, property, plant and equipment (PPE) and...
I have not followed FASB for quiet age and wondering “what is new at FASB?” Found lots of things are published recently: New exposure draft for...
In deal with past-due invoice is not easy task, I know. Some view says that in today’s economy, the consumer feels more in control. It is...
This is specifically written as a supplement of my previous post about “Developing Credit Policy”. As I aware that company may need to arrange a special...
This is to follow my previous post about credit policy. And on this post we are developing a credit policy. Credit is temporary capital and the...
Credit is an indispensable catalyst in financing the movement of commerce. Its roots go fairly deep in time and are definitely as old as the concept...
Receivable write of is permitted by tax law only for certain reason. You may not write off any receivable and deduct your tax liability unless if...
Here are two great opportunities for accounting job seeker. Read the : position, responsibilities, requirements needed. It may suit your interest :). Prepare your application letter...
The right accounting software/system can be your best decision making over your business or invaluable to your business. But how do you determine what the “right”...
To ensure that company’s outstanding receivables are current, company need to construct a certain timeline for receivables collection. While timeline is important, company should keep copies of...
This topic is a supplement topic to emphasize specific issues: Accounting Treatment for Discount, Sales Return & Warranty. They may not exist or exist on the...
Account Receivable classification has been discovered on the previous post, some issues are still remain to be discussed on this entry: how much a receivable should...
An auditor’s working papers include the narrative description below of the cash receipts and billing portions of internal control of Rural Building Supplies, Inc. Rural is...
Account Receivable is amounts owed to the company for services performed or products sold but not yet paid for. A receivable is accomplished by a simple...
Accounting Staff For Automobil’s Part Company. With wealth of experience and enhanced capabilities accumulated over 35 years and spanning 2 generations, our group of companies has...
The most common situation in which a control point is needed for payroll is when an innocent error is made in the processing of a transaction....
Company’s periodic income statement consists essentially of two components: revenue and expense. Revenue for the period is generally determined by applying the revenue recognition principle. According...
Problem: 8. Which of the following would an auditor most likely use in determining the auditor’s preliminary judgment about materiality? a. The anticipated sample size of...