Contingent Asset Accounting and Analysis
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
Category: Accounting Tutorials
Accrued Revenue Accounting and Journal Entries
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 Expense Accounting and Journal Entries
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
Prepayments Occur When Payments Are In Advance
Today’s accounting tutorial is going to look at prepayments, which occur when an expense or income is paid or received before contract obligations are fulfilled. This tutorial will be looking … Read More
Unearned Revenue Accounting
Unearned revenue is money received by a business for which the goods and / or services the payment is for have yet to be provided. Sometimes this type of revenue … Read More
Subsequent Events IAS Reporting Requirements
IAS 10 Events after the Reporting Period is the international standard that deals with the reporting of subsequent events. First issued in 1978 this standard has been through a number … Read More
Weighted Average Perpetual Inventory System
A perpetual inventory system involves recording every receipt and issue of stock that occurs so that there is a continuous record of the balance of each stock item on hand. … Read More