Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the
An audit trail allows an individual to track a transaction from the journal entry to the general ledger through to the financial statements. The audit trail can also find all the transactions that comprise
Explain briefly the technique of marginal costing. In what ways do you consider this technique useful in management accounting?
Latest Answer: Marginal costing is also known as "Direct costing" or Variable costing. In U.K it is called "Marginal Costing". It is an economic concept. Marginal cost is derived from the word "Margin". It is the additional cost of producing additional units.Marginal ...
What is the difference between authorised capital and paid-up capital?
Latest Answer: Authorized capital is the capital to which an organization is authorised to use in the business and maximum amount that can be used for the working of organization. Paid-up capital is a part of authorised capital which is fully paid by shareholders. ... ...
What is the journal entry for cancelling a cheque?
Latest Answer: If we issue a cheque we would have passed an entry (debit the receiver/firm & credit the bank) that entry should be reversed (debit bank & credit the firm). ...
What is known as direct debit in bank reconcilation?
Latest Answer: The charges, Interest and other fess debited by bank is called direct debit. We have to pass entries accordingly after reconciliation based on the bank statement. ...
What are Accrual, Provision and Reserve?
Latest Answer: we create any outstanding or Expenditure are Income is called Accrual. It is not actual received or paid specific period, but these are earned are expended preset specific period. This transaction is not effected on the cash present period, only ...
What is the treatment of Depreciation on Gift Items?
What is GPSD?
What is mean GPSD in accounting line
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