These expenses are typically recognized when they are incurred rather than when they are paid. Examples of accrued expenses include salaries, utilities, taxes, interest, and other liabilities. For example, imagine a business buys some new computer software, and 30 days later, gets a $500 invoice for it. When the accounting department receives the invoice, it […]

When you conduct scope planning before a project, it becomes easier to identify any work that scope of financial accounting falls outside the scope, thus potentially incurring additional costs. In short, scope planning helps your organization stay within budget and know when to adjust for extra work. Another objective of Accounting is to ascertain the […]