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Financial Memos

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ARTICLES

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

The reporting of subsequent events to balance date, like a court case, is covered by IAS 10.

Subsequent Events IAS Reporting Requirements

Friday, January 15, 2021

Category: Tutorials

Bad Debt Expense Journal Entry and Explanation
Accounting Tutorials

Bad Debt Expense Journal Entry and Explanation

November 24, 2012

In this accounting tutorial article we provide a thorough explanation and analysis of what a bad debt expense is, what journal entry is made and also look at provisions and … Read More

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Equity Method of Accounting Investments in Associates
Accounting Tutorials Tutorials

Equity Method of Accounting Investments in Associates

November 22, 2012

The equity method of accounting is used to record investments in associates as outlined by IAS 28 Investments in Associates and Joint Ventures. The first point we should consider is … Read More

equity accountingequity method of accountinginvestment in associate 7 Comments on Equity Method of Accounting Investments in Associates
The Accounting Equation Explained with Examples
Accounting Tutorials

The Accounting Equation Explained with Examples

November 14, 2012

All accounting courses start with the accounting equation and the meaning it has. There might be many names or variations for the equation but in reality it does not change. … Read More

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Break Even Analysis Assumptions Limitations
Finance Tutorials Tutorials

Break Even Analysis Assumptions Limitations

November 14, 2012

Break even analysis is a power tool in the management of any business, but it does come with a number of limitations and assumptions – which we are going to … Read More

breakevenbreakeven analysisbreakeven chart 2 Comments on Break Even Analysis Assumptions Limitations
Investment Appraisal using the Adjusted Present Value (APV)
Finance Tutorials

Investment Appraisal using the Adjusted Present Value (APV)

November 13, 2012

The Adjusted Present Value approach is a way to determine whether raising debt to undertake a specific project will add value or in other words if it will result in … Read More

adjusted present valueapvNPVpresent value 1 Comment on Investment Appraisal using the Adjusted Present Value (APV)

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  • Debt Free Affirmations – For Each Day of the Month
  • Do You Pay Tax on Drawings From a Business?
  • Cryptocurrency Mining – My Side-hustle Project
  • Contingent Asset Accounting and Analysis
  • Accrued Revenue Accounting and Journal Entries
  • Accrued Expense Accounting and Journal Entries
  • Prepayments Occur When Payments Are In Advance
  • Unearned Revenue Accounting
  • Subsequent Events IAS Reporting Requirements
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