Managing Your Time in the ACA FAR Exam
The Financial Accounting and Reporting (FAR) exam is regarded as one of the hardest exams required to obtain the ACA qualification. It contains a lot of content of varying levels …
What are Financial Statements?
A company’s financial statements are a group of reports that show its financial performance and general business activity over a particular period of time. The financial statements are intended to …
What is The Accounting Equation?
The accounting equation is the basis of all accounting entries that will be put through a company’s accounting system. The fundamental principle of the double entry system relies on the …
What Is a Break Clause (Leases)
It is common practice for lease agreements to contain a break clause, especially when the lease is in relation to the rental of a property (a tenancy agreement).
Accounting for an Invoice When the Goods Haven’t Been Received
However, what if on the flip side, we have an invoice come in but have not yet received the goods/services.