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What is Internal Audit Competency? And Why Is It Importance?

Internal audit competency is one of the four-element of the internal audit code of ethics. This code required internal audit have the necessary skill, knowledge, and experiences to conduct the internal audit services. The code also required the internal auditors to perform internal audit service or internal audit activities in accordance with the International Standard […]

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What is the difference between accounts receivable and provision for bad debt?

Account Receivable

Overview: Provision for bad debt is the current assets account in the balance sheet that uses to records the provision for bad debt that the entity provides to account receivables that collection likelihood is high. This account is similar to accumulate depreciation that use to records the accumulation of depreciation to show the carrying value

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What is the Difference Between Accounts Receivable and Accrued Revenues?

Account Receivable

Accrued revenues and accounts receivable are the current assets that are reported in the balance sheet of the company. Accrued revenues, sometimes called contract assets are the revenues that a company accrued on the basis that they expected to receive from the goods or services that they already provided, but not yet billed. Account receivable

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What are Days Sales Outstanding? Definition, Formula, Example, Advantages, and Disadvantages

Account Receivable

Definition: Days Sales Outstanding basically refer to the average number of days that the entity takes to collect its credit sales over a period of time. The company measures this ratio in order to manage the efficiency and effectiveness of credit policy as well as receivable collection procedure. If the ratio is high that means

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What are Accounts Receivable? (Overview, Example, Recognition, And Important)

Account Receivable

Overview: Account receivables are the amount owes by other entities or people as the result of purchasing goods or rendering services without making payments at the time goods or services are delivered. This happens when the entity sells its goods or services to the customer. In daily business activities, the customers would love to purchase

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Are the Accounts Receivable Current or Non-assets?

Account Receivable, Q$A

Account Receivable basically refers to the amount that customers owe to an entity once they purchase goods or render services on credit. In most cases, these receivables are expected to be collected in less than one year from the reporting date. Once the entity believes that these account receivables could be collected in less than

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Planning Materiality: Definition, Example, and Calculation

Audit

Definition: Planning materiality basically refers to the misstatement amount set by auditors at the planning stage of an audit based on the materiality to financial statements. Planning materiality used by the auditor to assess whether the misstatement as individual or aggregate materially misstated in the financial statements. And those misstatements could be misleading the users

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5 Best Forensic Accounting Book (Update 2021)

Books

Five Best Forensic Accounting Book: When there is fraud happens in the organization, conflict among the shareholders, and a large number of insurance claims, etc, forensic accounting became more important. This is because the evidence to support and solve this kind of problem required strong evidence from someone who has very good and professional accounting

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5 Best Fraud Management, Fraud detection, and Fraud examination Books:

Books

Overview: Best Fraud Management, detection, and examination Books review: Fraud is the entity’s cancer that can’t be cure and could lead the entity directly to its bad day. Fraud happens in many form and cause by many different reason. Mostly said, it came from opportunity, Rationalization, and financial pressure. Having the good fraud management program

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10 BEST ACCOUNTING BOOKS OF ALL TIME

Books

Best accounting books: Numbers can be annoying if you don’t have the right materials to tackle them. For the most part, there are millions of books and literature on accounting, finance, and even taxation, but if you haven’t read these- then you are most likely missing something precious in your career path. If you are

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