Journal Entries for Revenue
A journal entry must be made each time a business makes a sale. This journal may be called a revenue, sales or income journal and the purpose of it is …
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A journal entry must be made each time a business makes a sale. This journal may be called a revenue, sales or income journal and the purpose of it is …
Cost of Sales is simply the amount of money a business has had to spend in order to generate the sales it has made within a period. In a simple …
One key area where an auditor may want to focus on for their walkthroughs is the purchase process. This is done to ensure that there are sufficient controls around the …
As discussed in our previous post, the journal entries required for accruals are quite simple. The purpose of an accrual is to recognize an expense before the invoice has been …
Introduction to Depreciation Depreciation charges are a way of spreading the cost of a capital/fixed asset over its useful life. When a company makes a purchase of an item that …