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 the accrual accounting concept the...
Category: Tutorials
Today's accounting tutorial will look at prepayments, which occur when an expense or income is paid or received before contract obligations are fulfilled. This tutorial will be looking at the...
The accounting for unearned revenue means we recognise a debit to bank and a credit to liabilities. Read more with our full analysis and journal entries.
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 of major...
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. Under a perpetual...
In this article, we look at IAS 36 requirements for the impairment of assets and provide an example with journal entries for you to work through.