Accounting Services in Johor Bahru
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admin In accounting, a historical cost refers to a measure of value, where a company will record the value of an asset at the price it acquired that asset on its balance sheet. Most companies would record most of their long-term assets at historical costs. The concept of historical costs follows the conservatism principle in accounting … Read moreUnderstanding Historical Costs
The word “audit” refers to the process of examining the accuracy of financial records of an individual or a business. Usually, an audit is a high-stakes process as a business may have to face severe legal and financial consequences if LHDN found out that it did not pay enough taxes in an audit. Thus, companies … Read moreIntroduction to Pre-audit
Mark-to-market is an approach that people may use to measure the fair value (Also see Introduction to Fair Value Accounting) of accounts which may vary as time passes. Assets and liabilities are two good examples. The objective of mark-to-market accounting is to give a practical evaluation of the financial condition of a company according to … Read moreUnderstanding Mark-to-market
For some of the small businesses, payroll may contribute to about half of their expenses. Thus, it is reasonable for them to audit their payroll regularly. For example, the company may engage an audit firm in Johor Bahru and schedule a payroll audit when each quarter ends, which is a suitable timing to have an … Read moreProcedures in Payroll Audit
In an accounting journal entry, debit and credit are opposite to each other. The accountants in an accounting firm in Johor Bahru would use them when they need to change the ending balances in a company’s general ledger accounts. When creating a journal entry using debits and credits, the rules that they should comply with … Read moreAccounting – Rules for Debits and Credits
An asset conversion cycle refers to the process of a company using its cash in manufacturing products or providing services, give them to its clients, collect the receivables (Also see What Are Accounts Receivables and Bad Debts?) before turning them into cash again. This cycle helps the business owners to determine whether their companies have … Read moreUnderstanding Asset Conversion Cycle