What is duality in accounting?
It is a concept where accountants have to record every transaction in two different accounts. It forms the basis of dual entry accounting for all accounting frameworks for producing reliable financial statements
Should i add interest accrued in bank to accounts for filing tax?
Yes. you should add the interest availed during that period during the tax filing. If you are not sure, our accountants will be help you in adding the same.
Is Accrual accounting part of accounting services offered by premier one?
Yes. All our accountants have expertise in accrual accounting and it is a part of our accounting services.
What is accrued revenue in accounting?
Accountants term the revenue which is earned but not yet invoiced or received as accrued revenue. It is also known as unbilled revenue. It is part of Accrual Accounting.
What is the difference between accrued and outstanding in accounting?
Accountants consider an income as accrued until it is not due for payment, while it is considered as outstanding while it is past due.
What is accrued income journal entry in accounting?
Accrued income journal entry is the journal entry for income which is earned during a particular period, bit is yet to be received until the end of that period. Though the amount is not received, our accountants will add it …
what is accrued income revenue in accounting?
Accrued income is a revenue that is rightfully earned . Small businesses, individuals and companies can all receive accrued income. Although it is not yet received, accrued income is recorded on the books as and when it is earned, in …
What is Accounting Cycle?
Accounting Cycle involves multiple steps for the accounting events of a company like identifying, analysing and recording. It begins with the start of a transaction and ends when the transaction is recorded financially in statements.
What is GAAP in accounting?
GAAP stands for Generally Accepted Accounting Principles. It is a collection of accounting rules and standards followed across the market for financial reporting. Our accountants follow these processes as they are seamless and error free.