Vouching is the act of reviewing documentary evidence to see if it properly supports entries made in the accounting records. For example, an auditor is en...

Gross profits equal net sales minus cost of goods sold. Therefore, if the depletion or buildup in inventories is the result of a change in the sales pace,...

To account for the loss, you record the dollar amount of the damage and reduce or write-off the asset. For example, if $9,000 of inventory is damaged in a...

assets section Doubtful accounts are an asset. The amount is reflected on a company’s balance sheet as “Allowance For Doubtful Accounts”, in the assets se...

Capital Structure covers only the long term sources of funds, whereas financial structure implies the way assets of the company are financed, i.e. it repr...

physiological needs According to Maslow’s hierarchy of needs, the most basic human needs are physiological needs, that is, the needs for food, shelter, an...

Follow. Remittance is derived from the word ‘remit’ which means ‘to send back’. Remittance refers to money that is sent or transferred to another party, u...

Typically, such debts are on goods and services that are sold on credit. Sundry debtors can also be termed as ‘accounts receivable’. The reason sundry deb...

ERP 9. Tally Prime will now empower business owners, Chartered accountants, Accountants and other Tally Users to seamlessly manage their work and make eve...

IPSAS differentiate between acquisition and amalgamations; IFRS only considers acquisitions….Key definition differences between IFRS and IPSAS. Accounting...