There are three types of modified audit reports, and the qualified audit report is one of those. An auditor from any audit firm in Johor Bahru will issue this opinion to the company that did not prepare their financial statements in all material aspects. Yet, the misstatements are not pervasive. This type of audit report […]
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Safety Tips to Safeguard Your Online Data
As an entrepreneur, your priority should be ensuring the safety of your data in this era of information technology (Also see How does Technology Set Path For Future Accounting?). Whether it is proprietary information of your company, a database of the contact details of your customer’s, or a simple mailing list, it is your responsibilities […]
What are Audit Adjustments?
An audit adjustment is a correction a firm needs to make on its the financial account (Also see What is Financial Accounting and Management Accounting) that its outside auditor proposes. The auditors may suggest the correction according to the evidence they discovered when they carry out the audit procedures, or maybe they want to assign […]
What are IFRS and GAAP?
The Generally Accepted Accounting Principles (GAAPs), as well as the International Financial Reporting Standards (IFRS) are probably the terms that you may have heard of along your way of pursuing your career. Both of them are procedures and guidelines all accountants in Malaysia should follow. These consist of specific rules about presentation as well as […]
Introduction to Interest Receivable
Interest receivable is defined as the amount of interest an individual or a firm has earned, yet they have not received them in cash. The typical journal entry that people would use to document such transaction is a debit to their interest receivable account. At the same time, they would record a credit to their […]
Revaluation of Fixed Assets
Plant, property, and equipment (PPE), which are the fixed assets, are utilised in the supply of goods and services, manufacturing process, executive functions, or any other tasks in your company. There are two ways an accountant can determine the value of fixed assets, which are the historical cost model and the revaluation model. We will […]
What is Goodwill of a Company?
Goodwill on the balance sheet of your firm is the value that your firm obtained after getting another. If the business pays an amount which exceeds the target’s book value of a target company, the extra amount stands for the business’s goodwill. If the amount paid by an acquiring business is less than the book […]
How to Handle the Cash Flow of Your Business?
The majority of entrepreneurs would make financial decisions according to the current balance they have in their bank accounts. However, this is a dreadful mistake. This is because the balance will be continuously changing, and they always forget this fact. It merely shows you the amount of money you own now, and by looking at […]
Common Bookkeeping Errors that You Should Avoid
Small business owners usually do not put much effort into the bookkeeping process. All entrepreneurs have a bookkeeping system. However, they typically do not ensure that it is updated. There may be some business owners who do not maintain their books for months as the process can be tedious, and it is quite time-consuming. Nevertheless, […]
The Importance of Managerial Accounting
As a small entrepreneur, you need to understand the ways management accounting influence the future of your company. While bigger enterprises have sufficient money to deal with any error in managerial accounting, this is not the case for you as you only own a small firm. Nevertheless, there are some approaches that you can use […]