How to prepare a control account? Example and format
What is control account and how does the control account work? And which accounts does it adjust or control particularly? […]
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๐๐๐๐ซ๐ง ๐๐๐ฏ๐๐ง๐ฎ๐ ๐๐๐๐จ๐ ๐ง๐ข๐ญ๐ข๐จ๐ง ๐๐ซ๐ข๐ง๐๐ข๐ฉ๐ฅ๐ ๐๐ง ๐ ๐๐ข๐ง๐ฎ๐ญ๐๐ฌ
Under the revenue recognition principle, revenue is recognized when itโs earned, not when cash is received.
๐๐๐๐๐ซ๐ซ๐๐ ๐๐๐ฏ๐๐ง๐ฎ๐: ๐๐ซ๐๐๐ญ๐๐ ๐๐ฌ ๐ ๐๐ข๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐๐ซ ๐๐๐ฏ๐๐ง๐ฎ๐?
Have you ever got payment for something before delivering services? Or have an online shopping experience? If yes, then you
๐๐จ๐ง๐ญ๐ซ๐ ๐๐ฌ๐ฌ๐๐ญ ๐๐ฌ ๐๐จ๐ง๐ญ๐ซ๐ ๐๐๐ฏ๐๐ง๐ฎ๐- ๐๐จ๐ฐ ๐๐จ ๐๐ก๐๐ฒ ๐๐ข๐๐๐๐ซ?
Contra Asset vs Contra Revenueโฆ. If you are wondering what is the difference between a contra asset account and a
๐๐ก๐ฒ ๐๐จ๐๐ข๐๐ข๐๐ ๐๐๐๐ซ๐ฎ๐๐ฅ ๐๐๐๐จ๐ฎ๐ง๐ญ๐ข๐ง๐ ? ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐ฑ๐ฉ๐ฅ๐๐ง๐๐ญ๐ข๐จ๐ง.
Modified accrual accounting recognizes revenues only when measurable and available. And recognize expenses when they incur.
๐๐ก๐๐ญ ๐๐ฌ ๐๐ง ๐๐ฌ๐ฌ๐๐ญ ๐๐ฆ๐ฉ๐๐ข๐ซ๐ฆ๐๐ง๐ญ? ๐๐ง๐ ๐๐จ๐ฐ ๐๐จ ๐๐๐ฅ๐๐ฎ๐ฅ๐๐ญ๐ ๐๐ญ?
When an asset losses its value or there is a reduction in its market value, this reduction in value is referred to as Asset Impairment.
๐๐ก๐ฒ ๐๐จ ๐๐ ๐๐๐๐ ๐ ๐๐จ๐ง๐ญ๐ซ๐ ๐๐๐๐จ๐ฎ๐ง๐ญ?
A contra account reduces the balance of its associated account and also recognizes the reason for reducing it.
๐๐ก๐๐ง ๐๐จ ๐๐ฌ๐ ๐๐ฎ๐ฌ๐ฉ๐๐ง๐ฌ๐ ๐๐๐๐จ๐ฎ๐ง๐ญ?
A suspense account is used for an unidentified transaction. As soon as that it becomes identified, record them in their respective accounts.
๐๐๐ญ๐ญ๐ฒ ๐๐๐ฌ๐ก ๐๐ฌ ๐๐ง ๐๐ฌ๐ฌ๐๐ญ ๐๐๐๐จ๐ฎ๐ง๐ญ
Is Petty Cash An Expense Account or Asset Account? Petty Cash is not an expense account, it is an asset account.
๐ ๐ซ๐๐ ๐๐๐ฌ๐ก ๐ ๐ฅ๐จ๐ฐ ๐๐ฌ ๐๐๐ฌ๐ก ๐ ๐ฅ๐จ๐ฐ- ๐๐จ๐ฐ ๐๐ก๐๐ฒ ๐๐ข๐๐๐๐ซ?
Free Cash flow & Cash flow. FCF is used for the valuation of an enterprise while CF is used to calculate an organizationโs net cash flow
Cash Book Vs Cash Account- How Do They Differ?
Cash Book Vs Cash Account: Cash book is a separate book, while cash account is an account within ledger to record cash transaction.
๐๐ก๐จ๐ฎ๐ฅ๐ ๐ ๐ฎ๐ฌ๐ ๐๐๐ฌ๐ก-๐๐๐ฌ๐ข๐ฌ ๐จ๐ซ ๐๐๐๐ซ๐ฎ๐๐ฅ ๐๐๐๐จ๐ฎ๐ง๐ญ๐ข๐ง๐ ?
Cash basis vs accrual basis accounting?ย Ahh! Confusing- what are they? Why and how Cash basis accounting is different from accrual