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Financial Memos

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ARTICLES

When earned revenue is reported is an important accounting principle.

When is Earned Revenue Reported?

Do you pay income tax on drawings from a business?

Do You Pay Tax on Drawings From a Business?

Contingent assets are possible assets contingent on future events taking place.

Contingent Asset Accounting and Analysis

Accrued revenue is income that has been earned but not yet billed or received.

Accrued Revenue Accounting and Journal Entries

Accrued expenses are balance day adjustments for expenses incurred but not yet paid.

Accrued Expense Accounting and Journal Entries

Prepayments are for goods and services paid in advance and yet to be delivered.

Prepayments Occur When Payments Are In Advance

Revenue received in advance of work completed is treated as unearned revenue liability.

Unearned Revenue Accounting

Wednesday, January 20, 2021

Month: September 2020

Cryptocurrency Mining – My Side-hustle Project
Blog Entrepreneurship

Cryptocurrency Mining – My Side-hustle Project

September 14, 2020

Having a look at our recent article production on the site we have certainly been focused on accounting tutorial writing mode. This has been an area I’ve been keen to … Read More

bitcoincryptocurrencyethereum Comment on Cryptocurrency Mining – My Side-hustle Project
Contingent Asset Accounting and Analysis
Accounting Tutorials Tutorials

Contingent Asset Accounting and Analysis

September 11, 2020

In accounting a contingent asset is a possible asset the business will receive at some point but the existence of these benefits, and control over them, is to be confirmed … Read More

contingent assetsIAS 37 Comment on Contingent Asset Accounting and Analysis
Accrued Revenue Accounting and Journal Entries
Accounting Tutorials Blog Tutorials

Accrued Revenue Accounting and Journal Entries

September 7, 2020

Accrued revenue is the recognition of income by the business that has not yet been billed, invoiced, or money received. In today’s accounting tutorial, the last in our series on … Read More

accrued revenuebalance day adjustments Comment on Accrued Revenue Accounting and Journal Entries
Accrued Expense Accounting and Journal Entries
Accounting Tutorials Tutorials

Accrued Expense Accounting and Journal Entries

September 4, 2020

When a business records an expense at the end of reporting period for which it has not received an invoice for nor paid we call this an accrued expense. Under … Read More

accrual concept of accountingAccrued Expensebalance day adjustments Comment on Accrued Expense Accounting and Journal Entries

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  • Accrued Revenue Accounting and Journal Entries
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