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Hafiz Amjad Mehmood's image
Question added by Hafiz Amjad Mehmood Project Accounting Manager Huta Group
9 years ago

Overstated Prepayments & Liabilities?‎

CASE: 1. Financial Year is Jan-XX to Dec-XX 2. Medical Insurance Annual Policy is from Jul-XX to Jun-XY 3. Total Value of Policy being SR120,000.00 payment terms being‎ ... See More

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Dasarathi Rath's image
Question added by Dasarathi Rath Sr. Accountant Al Luban Special Investment LLC
10 years ago

Please Please calculate the amount to be debited income & expenditure account in respect of salaries ?‎

Suppose salaries paid during the year2014 $10 salaries unpaid on31st Dec2013 $20 salaries prepaid on31st Dec2013 $500 salaries unpaid on31st Dec2014 $2200 salarie‎ ... See More

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164
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Muhammad mohsin saleem's image
Question added by Muhammad mohsin saleem General Accountant Al Ghadeer Modern Trade Enterprises
10 years ago
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Question added by Haja Hameed Saleem Saleem Senior accountant Leaders Building contracting
5 years ago
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Venu Gopal Pandillapalli's image
Question added by Venu Gopal Pandillapalli Senior Consultant Oakton Global Technology Service Centre (India) Pvt Ltd
5 years ago
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Question added by Yuvesh Naik Sr Product and Propositions Marketing Manager Tata Communications
8 years ago
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MAZEN EL BARDAN's image  
Answer added by  MAZEN EL BARDAN, Finance Manager, DYNAMIC MOTION LLC
7 years ago

The answer is No. It is not overstated. Justification: Insurance invoice was recorded/debited to prepaid control account as a balance sheet item and therefor it didn' ... See More

Mir Mujtaba Ali's image  
Answer added by  Mir Mujtaba Ali, Internal Audit Manager, Confidential
9 years ago

Prepaids and accruals relate to the services and goods a company receives from its vendors for which payment has been or will be made. Prepaid expenses are the advance pa ... See More

Aditye Leonardo Rahadian's image  
Answer added by  Aditye Leonardo Rahadian, Food And Beverage Manager, Accor
3 years ago

salaries paid during the year2014               $10               Less: salaries unpaid on31st Dec2013       $20 Add:  salaries prepaid on31st Dec2013      $500 Add:  sal ... See More