Why is ledger scrutiny done?
Ledger scrutiny is part of audit procedures, like vouching, posting etc. The scrutiny is required in all type of audit whether the same is Internal Audit,...
Category: General
How do you record capital contributions in general ledger?
What is Contributed Capital? Receive cash for stock. Debit the cash account and credit the contributed capital account. Receive fixed assets for stock. De...
What is the envelope method of budgeting?
The envelope budgeting system divides your income into different spending categories—bills, groceries, gas, and so on. Then, only spend what’s available i...
Is an informal report that lists accounts and their balances?
Accounting Terms (Unit 1) A B trial balance An informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of ...
Is crockery an asset?
Is crockery a fixed asset? Crockery is purchased to give an enduring benefit to the hotel till its life time. It is re-reused and its benefits last till i...
What is meant by window dressing in accounting class 11?
Window dressing refers to actions taken or not taken prior to issuing financial statements in order to improve the appearance of the financial statements....
Do notes receivable have a fixed maturity date?
A note receivable is a formal promise in writing to pay a specific amount of money on a specified date or dates, made between a borrower (the one who borr...
Is carriage outwards debit or credit in profit and loss account?
Debit/Credit Side: The entries about the freight inwards are posted on the debit side of the trading account, whereas the entries about the carriage outwa...
How can I improve my standards at work?
Techniques to Improve Employee Performance Communicate clear expectations. Make sure performance appraisals are consistent. Make employee development a pr...
What is a VAT fraction?
The VAT Fraction= Rate of VAT/ 100+rate of VAT. e.g. Todays standard rate of VAT is 20% so 20/100+20 = 20/120 = 8/48. What is the fraction for 5% VAT? VAT...
