Journal entry testing is an essential part of the audit process and is performed as part of substantive audit procedures to assess the completeness, accuracy, and validity of transactions recorded in the general ledger. Under International Standard on Auditing (ISA) 240, “The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements,” auditors are […]
Journal Entry Testing in Audit and Why Is It Important? Read More »
Cost Of Goods Sold (COGS) represents all the direct costs of the products manufactured and sold by a business. For most manufacturing businesses, the COGS will consist of material and labor costs that contribute directly to the value of a product. COGS will, however, exclude any indirect costs. Indirect costs are costs that don’t directly
Is the Cost of Goods Sold the Same as Expenses? (Explained) Read More »
Creating a paperless account payable seems like a daunting task but it hosts numerous benefits that save time, money, and storage space. The saving of these three things proves a success for the businesses. However, switching to a paperless account does not happen overnight nor it is easy. But it is definitely worth it which
Tips to Paperless your Accounts Payable Using Software (Updated 2023 including Software) Read More »
The payroll workers who want to file their tax returns every year need Form W2 as the first document to start the process. All employers must file Form W2 and send copies to the employees before Jan 31st of every year. However, it is natural to get panicked if you have not received your Form
What To Do When You Lost Your W2 Form? FAQs and More Read More »
Companies use two forms of finance to fund their operations. These include equity and debt finance. Equity finance is straightforward and comes from the company’s shareholders. Usually, this finance does not carry any interest. However, companies have to pay dividends to shareholders. However, these dividends are only applicable when the company is profitable. When it
How To Calculate Cash Coverage Ratio? (Formula and Example) Read More »
Popular Accounting Systems in Cambodia in 2026: What Businesses Should Choose and Why Executive Summary Here’s the straight answer: In Cambodia in 2026, most SMEs do best with QuickBooks Online, Xero, MAQSU ERP, Odoo, ABSS/MYOB-style systems, or Localize. Larger companies often turn to SAP Business One, Microsoft Dynamics 365, Acumatica, or QuickBooks Enterprise. The right
Top 8 Accounting Software Using In Cambodia in 2023 Read More »
Companies commonly arrange a condensed financial statement along with the customary financial statements. The core groundwork on these documents serves various legal commitments and is usually associated with an episodic audit. Nevertheless, except for substituting comprehensive financial statements, condensed financial statements turn out to be the additional documents or authentic supplementary papers essential during the
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Definition Opportunity cost is the potential benefit a company or investor buyer may have gotten had they chosen this opportunity over others. It means how much of a potential benefit or gain in investment is missed by a person had they not skipped that opportunity. Opportunity cost is a term that plays a major role
Opportunity Cost: Definition, Formula, Example, and How Does It Work? Read More »
No business entity operates without having credit purchases and credit sales. Credit purchases and credit sales give rise to account payables and account receivables. Both accounts are recorded on the balance sheet of the business entity and are integral to the business operations. Account receivables(AR) and account payables(AP) are significant for internal accounting and external
Accounts Receivable Vs. Accounts Payable: What are the Key Different? Read More »
In the modern-day age, informational asymmetries are pretty non-existent. Coupled with increasing awareness regarding acts and policies of the company, there has been upward pressure on companies that have forced them to do better in terms of meeting the respective KPIs and ensuring that they can comply with their social policy that can extrapolate better
Social Compliance Auditor – What Do They Do? Read More »