Tax is a financial obligation which is to be paid to the government compulsorily. Duty is a fee payable to the government on the manufacture and import/ex...

The AICPA has no similar restrictions on the formation of a partnership for the practice of public accounting with non-CPAs. A CPA may now have a non-CPA ...

Interest income is credited to recognize the income. It is an income amount, hence credited when recognized. In some cases, interests are not received unt...

Expenses that are to be charged in the future or simply the future expenses that are paid in advance are known as prepaid expenses….Journal Entry for Outs...

Unless a business meets the requirements listed below to be a qualified joint venture, a sole proprietorship must be solely owned by one spouse, and the o...

A current Asset is any asset that will provide an economic benefit for or within one year. Office supplies are generally recorded under the current assets...

There are several balance sheet formats available. The more common are the classified, common size, comparative, and vertical balance sheets….They are exp...

Revaluation reserve is an accounting term used when a company creates a line item on its balance sheet for the purpose of maintaining a reserve account ti...

(iv) When running staff are on leave (including casual leave) they shall be paid their leave salary based on their basic pay plus 30% thereof and the othe...

If the project only has one cash flow, you can use the following net present value formula to calculate NPV: NPV = Cash flow / (1 + i)t – initial investme...