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Category: Accounting of expenses

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

Outsourcing of payroll function

January 27, 2021 Khayyam Javaid, ACA

In the modern business world, outsourcing of support functions is becoming more and more common. Human resource and payroll functions…

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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 to understand how the payroll expenses are recorded. A company is processing…

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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, “tax deduction at source” mechanism is often used…

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Posted in: Accounting of expenses, Financial Accounting

Introduction to payroll accounting

Khayyam Javaid, ACA

Most businesses usually have employees working for them. If there are employees, the entity has to account for the salaries,…

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Posted in: Accounting of expenses, Financial Accounting

Allocation of expenses

Khayyam Javaid, ACA

In previous post, we learnt that 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

Types of expenses

Khayyam Javaid, ACA

In the income statement, expenses are categorized into a few major classifications (for e.g., cost of sales, admin expenses, selling…

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Posted in: Accounting of expenses, Financial Accounting

Accrued expenses and prepaid expenses

Khayyam Javaid, ACA

In cash basis of accounting, you’ll not see the terms accrued expenses or prepaid expenses. Entities simply record expense when…

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Posted in: Accounting of expenses, Financial Accounting

Introduction to expenses

Khayyam Javaid, ACA

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

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Posted in: Accounting of expenses, 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
      • Relevant costing
      • Marginal and Absorption Costing
      • Inventory Valuation
      • Inventory Management
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us