If the company is being reimbursed by another organization for the expense incurred earlier then it will be a credit to the expense account. If the expense was over accrued and the actual is lower than the accrual then it will be reversing entry reducing the expense.
Explain Administrative Expenses?
Explain Other Income?
Why we need Profit and Loss Accounts?
Explain the components of Profit and Loss Account?
Suppose you been asked to prepare a training class for completing expense statements. What points will you emphasize to insure accurate expense statements are submitted?
What are supervisor duties regarding Sales?
How to handle Inventory?
Tell me what are the functions and characteristics of stores supervisors?
What are Closing Steps?
What are Financial Statements?
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