As you own an incorporated company in Johor Bahru, you have to ensure that your accounting books are always up to date to make the process of tax filing easier. Otherwise, calculating taxes is going to be your worst nightmare. Fortunately, you may apply some accounting systems to automate a lot of the bookkeeping […]
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Introduction to Tangible and Intangible Asset
Tangible Assets A tangible asset is a solid property that you can feel by touch. People often use this term with fixed assets (Also see Disposal of Fixed Asset in a Company) like buildings, machinery, office equipment, vehicles and others. A tangible asset is not the suitable term to use if you are describing shorter-term […]
Steps of a Financial Statement Audit
An audited financial statement is the disclosure and assessment on the financial statements of a company by independent auditors. They then give their audit opinion (Also see What is a Qualified Audit Report?) as to whether those statements present a true and fair view of the financial performance of the business. The financial statements that […]
Guide to Operating Assets
Operating assets are the assets you need to use in the ongoing process of running your firm. In other words, you need operating assets to earn the profit. Cash, accounts receivable, fixed assets (Also see Revaluation of Fixed Assets), prepaid expenses, as well as inventory are some common instances of operating assets. If you have […]
How to Manage the Accounts of Manufacturing Companies?
Accounting for manufacturing businesses is closely related to the inventory valuation as well as the cost of goods sold. Keep in mind that in other types of businesses, both of these concepts are not common, and their processes are rather simple. Inventory Valuation A lot of manufacturing companies utilize a specific quantity of raw materials […]
What is a Qualified Audit Report?
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 […]
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 […]