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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

Tag: personal debt

Debt Free Affirmations – For Each Day of the Month
Blog Personal Finance

Debt Free Affirmations – For Each Day of the Month

January 9, 2021

I have to be honest here, this is not something that I do nor used in our debt elimination journey (we are on stage 6 of the Dave Ramsey Baby … Read More

becoming debt freedebtspersonal debt Comment on Debt Free Affirmations – For Each Day of the Month
Debt Free Stories – Are They Really?
Blog Personal Finance

Debt Free Stories – Are They Really?

August 3, 2020

A lot of our personal finance blog series is about debt and in particular how to become debt free. This is in large part a reflection of our debt free … Read More

dave ramseypersonal debtrobert kiyosaki Comment on Debt Free Stories – Are They Really?
Debt Avalanche v Debt Snowball – Which One?
Blog Personal Finance

Debt Avalanche v Debt Snowball – Which One?

June 24, 2020

In our article setting out the Dave Ramsey’s baby steps we mentioned in baby step 2 the use of the debt snowball approach to paying off non-home loan debt (often … Read More

personal debt Comment on Debt Avalanche v Debt Snowball – Which One?
Dave Ramseys Baby Steps Program
Blog Personal Finance

Dave Ramseys Baby Steps Program

June 18, 2020

In our personal finance articles, for example our article on watching those expenses, we often talk about Dave Ramsey and the very positive impact he has had on our family’s … Read More

budgetingdave ramseypersonal debtspending 2 Comments on Dave Ramseys Baby Steps Program
4 Simple Ways to Bring Your Finances Under Control Today
Blog Personal Finance

4 Simple Ways to Bring Your Finances Under Control Today

January 16, 2013

With the global economy still struggling, some of us are running short of cash before pay-day arrives. However, there is hope. Until the economy fully recovers so we can all … Read More

personal debtprepare budgetsspending Comment on 4 Simple Ways to Bring Your Finances Under Control Today

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  • Accrued Expense Accounting and Journal Entries
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