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Tips to Correctly File Your VAT Return
VAT return filing needs to be timely and accurate. Small businesses and entrepreneurs often face…
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Quality control review in audit (QCR)
Quality control review refers to going through audit processes and the mechanics of the audit…
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Accounting for unearned revenue (liability)
Unearned revenue / deferred income refers to advances received from customers. Technically, it’s not revenue…
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Accounting for accrual and prepaid expenses
These are the essential accounting concepts used in closing accounting periods. Closing these accounting entries…
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Freight in vs freight out
These terms are frequently used in the import/export business to reflect the transportation costs associated…
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What does impairment mean in accounting?
Impairment in accounting means a permanent reduction of asset value recorded in the balance sheet.…
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How cash flow statement converts profit/loss to cash?
The initial line item is operating profit when generating a cash flow statement using the…
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Limitations of cash flow statement
The following are considered limitations of the cash flow statement. 1-Non-cash transactions are ignored The…
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Asset management ratios
Asset management ratios are designed to measure a business’s ability to use assets. They help…
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Absorption costing / overhead allocation process (detailed explanation)
In a production facility with multiple products, it’s challenging to determine production overheads for each…
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