Accounting Tools

SEPTEMBER 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is Physical Inventory? This can involve counting, weighing, and otherwise measuring items, as well as asking third parties for counts of inventory items that have been consigned to them. Physical inventory is an actual count of the goods in stock.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JULY 30, 2023

Classification Testing Audit procedures are used to decide whether transactions were classified correctly in the accounting records. For example, purchase records for fixed assets can be reviewed to see if they were correctly classified within the right fixed asset account.

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

JANUARY 9, 2024

Accounting for Merchandise Inventory If these goods are sold during an accounting period, then their cost is charged to the cost of goods sold , and appears as an expense in the income statement in the period when the sale occurred. If the goods are not sold during an accounting period, then they are classified as an inventory asset.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JULY 20, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory errors can cause the ending inventory balance to be incorrect, which in turn affects the cost of goods sold and profits. Cycle Counting Adjustment Error A cycle counter may find an error in an inventory count and makes an adjustment in the accounting records to fix it.

Computation 40

Computation Financial Statements Billing Auditing 40

Accounting Tools

JUNE 14, 2023

A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to an entity's financial statements for them to be in conformity with the applicable accounting framework (such as GAAP or IFRS ). Are cash accounts being reconciled?

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Accounting Tools

NOVEMBER 24, 2023

Related AccountingTools Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition Collection Probability If it is not possible to make a reasonable estimate of the amount of the allowance for doubtful accounts , then do not recognize a sale until it is possible to do so. When to Recognize Revenue

Collections 40

Collections Billing Bookkeeping Auditing 40

Accounting Tools

DECEMBER 23, 2023

Investigate Possible Customer Ownership If you have no record of an inventory item at all in the accounting records, there may be a good reason for it, which is that the company does not own it - a customer does. This is especially common when the company remodels or enhances products for its customers.

Reconciling 75

Reconciling Record Keeping Auditing Billing 75

Accounting Tools

JUNE 14, 2023

Related Courses Accounting for Inventory How to Audit Inventory How to Conduct an Audit Engagement What are Inventory Audit Procedures? They typically test the last few receiving and shipping transactions prior to the physical count, as well as transactions immediately following it, to see if you are properly accounting for them.

Auditing 75

Auditing General Ledger Reconciling Invoicing 75

Accounting Tools

JUNE 21, 2023

Related Courses Accounting for Inventory How to Audit Inventory How to Count Inventory In a business that does not have accurate inventory records, it is necessary to periodically conduct a complete count of the inventory (known as a physical count ).

Data Entry 40

Data Entry Auditing Accounting Accounting 40

Accounting Tools

JANUARY 5, 2024

What is the Accounting Equation? The accounting equation shows the relationship between assets , liabilities and equity. It is the basis upon which the double entry accounting system is constructed. Accounts receivable include all amounts billed to customers on credit that relate to the sale of goods or services.

Accounting 40

Accounting Accounting Accounts Payable Accounts Payable 40

Accounting Tools

SEPTEMBER 20, 2023

The most common asset accounts are noted below, sorted by their order of liquidity. This line item includes all checking and savings accounts, as well as coins and bills kept on hand, certificates of deposit, and Treasury bills. Accounts receivable. It also includes any inventory held on consignment at other organizations.

General Ledger 40

General Ledger Financial Statements Billing Accounts Payable 40

Accounting Tools

AUGUST 6, 2023

Related Courses Accounting for Inventory Business Ratios Guidebook Inventory Management What is Inventory Turnover? Inventory on Consignment Some companies retain ownership of their goods at consignee locations, which increases the amount invested in inventory.

Purchase Order 40

Purchase Order Budgeting Collections Accounting 40