If the auditor determines that the company is no longer a going concern, assets normally reported at cost on the balance sheet will instead be reported at a calculated liquidation value. If a company is not a going concern, that means there is risk the company may not survive the next 12 months. Management is …
Going Concern Meaning, Assumption, Accounting Principle Read More »
When the credit customer returns to pay off his account, cash is collected however. A cash book is set up as a subsidiary to the general ledger in which all cash transactions made during an accounting period are recorded in chronological order. The primary goal of a cash book is to manage cash efficiently, making …
Accounting For Cash Transactions Cash Receipts And Cash Payments Read More »
Keeping records is key to maintaining the financial health and well-being of any business or household. Using a cash book is a great way to help manage and account for cash-related transactions, including receipts and payments. These records can be transferred to a general ledger and used to update records and/or file year-end taxes. Create …
