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Month: January 2021

Accounting of expenses

January 28, 2021 Khayyam Javaid, ACA

In this section, we’ll explain the accounting of expenses that are reported in the income statement of an entity. By…

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Posted in: Accounting of expenses, Financial Accounting

Payroll outsourcing

January 27, 2021 Khayyam Javaid, ACA

Payroll outsourcing refers to an arrangement where an organization uses an external service provider to manage its payroll tasks. In…

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Posted in: Accounting of expenses, Financial Accounting

Example – Recording payroll expenses

Khayyam Javaid, ACA

Let’s take a look at the following example related to recording payroll expenses. A company is processing its payroll for…

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Posted in: Accounting of expenses, Financial Accounting

Payroll tax deduction at source

Khayyam Javaid, ACA

In countries where income tax is applicable on the salaries of employees, “payroll tax deduction at source” mechanism is often…

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Posted in: Accounting of expenses, Financial Accounting

Payroll accounting

Khayyam Javaid, ACA

Payroll accounting refers to the accounting of salaries, wages and benefits payable to employees as a result of their employment.…

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Posted in: Accounting of expenses, Financial Accounting

Allocation of expenses in financial reporting

Khayyam Javaid, ACA

In financial reporting, allocation of expenses means spreading the common expenses into different expense categories reported in the financial statements.…

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Posted in: Accounting of expenses, Financial Accounting

Types of expenses

Khayyam Javaid, ACA

There are different types of expenses. In the income statement, expenses are categorized into a few major classifications (for e.g.,…

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Posted in: Accounting of expenses, Financial Accounting

Accrued expenses and prepaid expenses

Khayyam Javaid, ACA

Expenses incurred but not yet billed and paid are called accrued expenses. Whereas, expenses paid in advance are called prepaid…

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Posted in: Accounting of expenses, Financial Accounting

What is an expense?

Khayyam Javaid, ACA

Cost incurred by an entity to generate revenues is known as expense. To make money, you have to spend as…

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Posted in: Accounting of expenses, Financial Accounting

Accounting of income

January 22, 2021 Khayyam Javaid, ACA

In this section, we’ll explain the accounting  of income arising from the principal business activities as well as income from…

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Posted in: Accounting of income, Financial Accounting

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us