Journal Entries for Utility Accruals
Accrual accounting is built on one principle: matching expenses to the period they relate to — not when the invoice is received. Utility expenses like electricity, gas, and water are …
Gross vs Net Prices on Invoices
When you receive an invoice, it is highly likely that you will see two different prices at the bottom. These prices will be the gross price and the net price …
What is an invoice?
As an accountant, some of the most important and common documents that you will come across are invoices. Invoices play a very important role in the accounting and double entry …
What is the Accruals Concept?
The accruals concept is one of most important accounting concepts to understand. It forms a crucial role in ensuring the accuracy of the financial statements. Accruals can often confuse those …
Calculating Holiday Pay Accruals (FRS 102)
Under FRS 102, there is a requirement to recognise a holiday pay accrual for any employees who have a remaining leave balance at the year end. The accrual is essentially …