By Hasaan Fazal on November 9, 2012
A credit note is a source document providing evidence that a credit entry has been made in the financial records for specific reason which is explained on the face of this business document. Credit note is also known as credit memo or credit memorandum as it only notifies about the entry made in the financial […]
Posted in ACCA, ACCA - F3, ACCA - F8, Accounts & Ledgers, Accruals and Prepayments, Audit Documentation, Audit Evidence, Audit Evidence - Substantive Procedures, CA, CAT, CAT - T1, CAT - T3, CAT - T6, CAT - T8, Control Accounts, FA1, FA2, FAU, FFA, FIA, Financial Account Basics, Financial Accounting, IAS 2, Introduction to Auditing - Basics, Inventory, Module B, Module C, Rectification of Errors, Sales Tax, Single Entry and Incomplete Records, Source Documents & Books of Original Entry |
By Hasaan Fazal on June 5, 2011
According to IAS 16 the purchase price of the asset includes the amount of non-refundable taxes i.e. such taxes which cannot be claimed back are capitalized and are included in the cost of the asset at the time of purchase. For example, when the asset is purchased or imported then buyer/importer is required to pay […]
Posted in ACCA, ACCA - F3, ACCA - F7, CA, Capital and Revenue Expenditure, CAT, CAT - T6, CIMA, CIMA C02, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Companies, Financial Statements of Sole Traders, Financial Statements of Sole Traders, IAS 16, Intangible Assets, Intangible Non-current Assets, Module C, Sales Tax, Tangible Non-current Assets, Tangible Non-current Assets, Taxation |
