GST compliance GST compliance pertains to the act of conforming to the guidelines, statutes, and responsibilities established by the Goods and Services Tax (GST) framework implemented within a specific nation It involves fulfilling various legal requirements and obligations related to the registration, filing, payment, and reporting of GST. Key aspects of GST compliance include: GST… Read More »
Prepaid Expenses It is considered as personal accounts in accounting because they represent an advance payment made by the business for goods or services. It will receive in the future. Personal accounts are those accounts that deal with individuals, firms or entities. That either indebts to the business or have lent money to the business.… Read More »
Invoice management Invoice management: is the process of handling and tracking the creation, processing, and payment of invoices within a business or organization. It involves various tasks such as generating invoices, sending them to customers, recording payments, and reconciling accounts. Effective invoice helps businesses to streamline their billing and payment processes, reduce errors… Read More »
Audit and Assurance in Accounting Website link Audit and Assurance in Accounting: Audit and assurance are two important components of accounting that provide confidence and credibility to financial information. Audit: An audit is an independent examination of an organization’s financial statements, systems, processes, and controls to ensure that they are accurate, complete, and in compliance… Read More »
User Intent Users searching for this topic want to understand the different methods of preparing a trial balance in accounting. They might be students, professionals, or business owners looking for a detailed explanation, benefits, limitations, and comparisons of these methods. Introduction In the world of accounting, accuracy is crucial. One of the essential tools for… Read More »
Income tax demand a contingent liability Yes, the interest on income tax demand is a contingent liability because it is a potential obligation that arises from an event that has already occurred, which is the assessment of additional income tax. However, the final amount of interest payable may depend on various factors, such as the… Read More »
The system includes hardware, software, and procedures that are designed to support the accounting function of an organization. It typically includes modules for accounts payable, accounts receivable, general ledger, inventory management, payroll, and financial reporting. The system helps to ensure the accuracy and completeness of financial data, improves decision-making, and provides better control over financial… Read More »
What is a “Daybook” in Accounting? Introduction In the world of accounting, accuracy and proper record-keeping are crucial for maintaining the financial health of any business. One of the foundational tools used in accounting to track daily financial transactions is the daybook. Whether you are managing a small business or handling complex financial data in… Read More »
Journal Entry for Interest Paid The journal entry for interest paid depends on the type of transaction and the accounting method used by the company. Generally, when a company pays interest on a loan or a debt. The following journal entry is recorded: Debit Interest Expense (Income Statement) Credit: Cash/Bank (Balance Sheet) The “Debit” entry… Read More »
PF (Provident Fund) number PF number lookup using employer’s name: To get your PF (Provident Fund) number using your employer’s name, you can follow these steps: Visit the EPFO website (Employees’ Provident Fund Organisation). Click on the “For Employees” option and select “Know Your PF Balance” from the drop-down menu. Select your state and click… Read More »