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LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a REVALUATION OF NON-CURRENT ASSETS Accounting for revaluation of non-current asset is a three step process: Adjusting the cost of asset i.e. account of asset. Eliminating accumulated depreciation of asset being revalued. Recognizing revaluation gain or loss. Lets understand the accounting process with the help of an example. Suppose and entity bought a building three years ago CREATE EXCEL CHARTS WITH BANDS OR THRESHOLD IN THE The above two steps have prepared our data and now we are ready to insert the chart. Step 3: Select efficiency column with Low, Average and Above column using your mouse or keyboard. Step 4: Go to Insert tab > Charts group > Bar chart > stacked column chart. You will have something like this (colours might be different): PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
REVISION OF ESTIMATES Estimates that may need revision are: Useful life of asset: the period for which asset is expected to stay operational may change; Depreciation rate: if the rate of cashflows (benefits) from the asset has increased or decreased, entity may have to adjust depreciation rate to match up.; Residual value of asset: the value entity is expecting to recover at the end of useful life by scrapping or HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: COUNT + SUM CELLS BASED ON CELL COLOUR IN EXCEL Step 2: Selected the cells containing headers and go to Data tab > in sort and filter group click Filter button and you will see drop-down arrows added to the heading cells. Step 3: Move to the last cell of column containing colored cells. You can do that quickly by simply having an active cell within in that column and hittingCTRL+DownArrow.
FIFO INVENTORY VALUATION IN EXCEL USING DATA TABLES FIFO Inventory Valuation in Excel – Step by Step. Step 1: Download this workbook. It has the dummy data that we can use to understand the process. Step 2: Format the worksheet as follows so that we know exactly what information is where: Step 3: Suppose we have made a saleof 1000 units.
STOCK AGEING ANALYSIS REPORTS USING EXCEL Stock aging analysis using Excel – Step by step. Step 1: Download this tutorial workbook that contains the data that we will use for stock aging reports. It has worksheet with several columns and data range already converted to Excel table. Step 2: Insert a new worksheet and mention the categories in which you want to produce aging analysis WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their FORMAT DATES AS YEARLY QUARTERS IN EXCEL For reporting purposes sometimes its elegant to show dates as quarters of the year instead of months. It helps managing clutter in a large set of data. As much as I wish there was a way to do it using custom number formatting Excel doesn’t have such ability as such and thus we have to look somewhere REVALUATION OF NON-CURRENT ASSETS Accounting for revaluation of non-current asset is a three step process: Adjusting the cost of asset i.e. account of asset. Eliminating accumulated depreciation of asset being revalued. Recognizing revaluation gain or loss. Lets understand the accounting process with the help of an example. Suppose and entity bought a building three years ago CREATE EXCEL CHARTS WITH BANDS OR THRESHOLD IN THE The above two steps have prepared our data and now we are ready to insert the chart. Step 3: Select efficiency column with Low, Average and Above column using your mouse or keyboard. Step 4: Go to Insert tab > Charts group > Bar chart > stacked column chart. You will have something like this (colours might be different): PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a REVALUATION OF NON-CURRENT ASSETS Accounting for revaluation of non-current asset is a three step process: Adjusting the cost of asset i.e. account of asset. Eliminating accumulated depreciation of asset being revalued. Recognizing revaluation gain or loss. Lets understand the accounting process with the help of an example. Suppose and entity bought a building three years ago CREATE EXCEL CHARTS WITH BANDS OR THRESHOLD IN THE The above two steps have prepared our data and now we are ready to insert the chart. Step 3: Select efficiency column with Low, Average and Above column using your mouse or keyboard. Step 4: Go to Insert tab > Charts group > Bar chart > stacked column chart. You will have something like this (colours might be different): PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
REVISION OF ESTIMATES Estimates that may need revision are: Useful life of asset: the period for which asset is expected to stay operational may change; Depreciation rate: if the rate of cashflows (benefits) from the asset has increased or decreased, entity may have to adjust depreciation rate to match up.; Residual value of asset: the value entity is expecting to recover at the end of useful life by scrapping or HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: COUNT + SUM CELLS BASED ON CELL COLOUR IN EXCEL Step 2: Selected the cells containing headers and go to Data tab > in sort and filter group click Filter button and you will see drop-down arrows added to the heading cells. Step 3: Move to the last cell of column containing colored cells. You can do that quickly by simply having an active cell within in that column and hittingCTRL+DownArrow.
FIFO INVENTORY VALUATION IN EXCEL USING DATA TABLES FIFO Inventory Valuation in Excel – Step by Step. Step 1: Download this workbook. It has the dummy data that we can use to understand the process. Step 2: Format the worksheet as follows so that we know exactly what information is where: Step 3: Suppose we have made a saleof 1000 units.
STOCK AGEING ANALYSIS REPORTS USING EXCEL Stock aging analysis using Excel – Step by step. Step 1: Download this tutorial workbook that contains the data that we will use for stock aging reports. It has worksheet with several columns and data range already converted to Excel table. Step 2: Insert a new worksheet and mention the categories in which you want to produce aging analysis WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their FORMAT DATES AS YEARLY QUARTERS IN EXCEL For reporting purposes sometimes its elegant to show dates as quarters of the year instead of months. It helps managing clutter in a large set of data. As much as I wish there was a way to do it using custom number formatting Excel doesn’t have such ability as such and thus we have to look somewhere EXCEL | TIPS | TUTORIALS | FORMULAS | CHARTS | PIVOTEXCEL FORMULASLEARN EXCEL INTERFACEEXCEL CORE BOOKFREE EXCEL BEGINNER'SGUIDEEXCEL TABLES
Add a vertical line to Gantt Chart or Stacked Bar Chart in Excel – Hasaan Fazal - 8. In last tutorial on gantt chart in Excel for project managers we learnt the simplest and FREE ACCA F3 PRACTICE KIT FREE Practice Kit to prepare exam and revision. This exclusive and FREE ACCA F3 Practice Kit is a must have resource for ACCA F3 Financial Accounting exam preparation and revision as this kit contains sufficient practice questions which can help you master each and every topic of ACCA F3. This online ACCA F3 Practice Kit isdivided into many
WHAT IS DIRECTIONAL TESTING? Directional testing has its roots connected directly in the financial accounting basics. We can understand how much double entry system is essential in financial accounting. Directional testing is an auditing technique that has based the same principle to audit the financial statements. As we understand for every debit “effect” in books of FREE ACCA F9 STUDY NOTES FREE Study Notes for course coverage and revision. Following are the notes for ACCA F9 Financial Management. These study notes are designed by keeping ACCA F9 syllabus in mind and thus covers the whole course. We will be adding more content in it from time to time. If you have suggestions of any kind to make it better, we will appreciate that. WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a EXCEL | TIPS | TUTORIALS | FORMULAS | CHARTS | PIVOTEXCEL FORMULASLEARN EXCEL INTERFACEEXCEL CORE BOOKFREE EXCEL BEGINNER'SGUIDEEXCEL TABLES
Add a vertical line to Gantt Chart or Stacked Bar Chart in Excel – Hasaan Fazal - 8. In last tutorial on gantt chart in Excel for project managers we learnt the simplest and FREE ACCA F3 PRACTICE KIT FREE Practice Kit to prepare exam and revision. This exclusive and FREE ACCA F3 Practice Kit is a must have resource for ACCA F3 Financial Accounting exam preparation and revision as this kit contains sufficient practice questions which can help you master each and every topic of ACCA F3. This online ACCA F3 Practice Kit isdivided into many
WHAT IS DIRECTIONAL TESTING? Directional testing has its roots connected directly in the financial accounting basics. We can understand how much double entry system is essential in financial accounting. Directional testing is an auditing technique that has based the same principle to audit the financial statements. As we understand for every debit “effect” in books of FREE ACCA F9 STUDY NOTES FREE Study Notes for course coverage and revision. Following are the notes for ACCA F9 Financial Management. These study notes are designed by keeping ACCA F9 syllabus in mind and thus covers the whole course. We will be adding more content in it from time to time. If you have suggestions of any kind to make it better, we will appreciate that. WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a EXCEL | TIPS | TUTORIALS | FORMULAS | CHARTS | PIVOT Add a vertical line to Gantt Chart or Stacked Bar Chart in Excel – Hasaan Fazal - 8. In last tutorial on gantt chart in Excel for project managers we learnt the simplest and FREE ACCA F9 STUDY NOTES FREE Study Notes for course coverage and revision. Following are the notes for ACCA F9 Financial Management. These study notes are designed by keeping ACCA F9 syllabus in mind and thus covers the whole course. We will be adding more content in it from time to time. If you have suggestions of any kind to make it better, we will appreciate that. BUILDING A REFERENCE TO SPECIFIC WORKSHEET BASED ON CELL Most of the time businesses are managed using specialized software but when it comes to a final touch in reporting the data is exported to Excel where calculations and everything is done much more easily. However, exporting to excel or importing in excel sometimes create very bizarre situations. For example, imagine a situation that you HOW CAN WE CHANGE THE DEPRECIATION METHOD Step 1: Find the carrying amount at the date of change. Change in depreciation is made after two years so we will depreciate the asset for two years and it was on straight line basis. 100,000 / 5 = 20,000 per year. For two years it will be 20,000 x 2 = 40,000. Thus, carrying amount of the asset at the end of second year was 100,000 – 40,000 AVERAGE COST (AVCO) METHOD ADVANTAGES AND DISADVANTAGES Average Cost (AVCO) is one of the method to assign costs to inventory and determine cost of sales value. And it can be used with either periodic inventory system or perpetual inventory system. AVCO has many advantages that is why it is widely popular among accountants and analysts however it does have some limitations that WHY TRAINING COSTS ARE NOT CAPITALIZED AS COST OF THE First of all not every directly attributable cost can amount to capitalization as cost of the asset. IAS 16 requires more than just a cost to be directly attributable before it qualifies for capitalization as cost of the asset or to be included in the carrying amount of the non-current asset or fixed asset.. According to IAS 16 Para 16(b) the cost of an item of property, plant and equipment WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up theirEXCEL PIVOT TABLES
Earlier we learned about grouping and ungrouping time related information very easily using excel pivot tables. It saves huge amount of time in preparing summary pivot table reports with different dimensions of time. However, we also learned one limitation of this feature i.e. if we want to group dates by week within a month or FORMAT DATES AS YEARLY QUARTERS IN EXCEL For reporting purposes sometimes its elegant to show dates as quarters of the year instead of months. It helps managing clutter in a large set of data. As much as I wish there was a way to do it using custom number formatting Excel doesn’t have such ability as such and thus we have to look somewhere IS SALES TAX INCLUDED IN THE COST OF As IAS 16 refers that such taxes which are non-refundable will form part of the cost of the asset. However, sales tax is a refundable tax even if it is paid as part of the consideration of asset at the time of purchase. One thing to remember that entity measurement of cost of the asset and measurement of liability connected with the purchase of PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
AVERAGE COST (AVCO)
Average cost of inventory available for sale is calculated using a simple formula as follows: Average Cost per unit =. Cost of total inventory available for sale. Units of total inventory available for sale. AVCO method assumes that inventory is held collectively at one CONDITIONAL CHARTS IN EXCEL WHAT IS JOURNAL AND HOW MANY TYPES OF JOURNALS ARE IN Cash book / Cash journal records cash and bank transactions. only book of accounting that acts both as journal and ledger. Sometimes cash related transactions are recorded in two separate journals i.e. a cash receipt journal that records only receipts of cash and cash disbursement journal that records cash payments or cash outflows. HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
AVERAGE COST (AVCO)
Average cost of inventory available for sale is calculated using a simple formula as follows: Average Cost per unit =. Cost of total inventory available for sale. Units of total inventory available for sale. AVCO method assumes that inventory is held collectively at one CONDITIONAL CHARTS IN EXCEL HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an WHAT IS MEANT BY CONTROL ENVIRONMENT IN AUDITING In auditing control environment or internal control environment is one of the components of internal control system. Unlike other components, this is rather a resultant of many different factors or activities taking place inside the entity. We know Internal control environment in our daily life as office environment, the term we use to mean howthings there. Just
IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a CONDITIONAL CHARTS IN EXCEL Last time we learnt how to make simple dial charts. There is so much to be discussed as basics to Excel charting but without little fun and doing out of ordinary is what everyone asks for. So today we will talk about how to do conditional charting in Excel. Making things clear,there is no
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN In last tutorial on gantt chart in Excel for project managers we learnt the simplest and fastest way to chart project activities/tasks. Today we are learning how to add a vertical line on the gantt chart representing current or any other specific date for better understanding of the gantt chart user. EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they WHAT IS EXPECTATION GAP IN AUDITING? Auditing expectation gap or simply expectation gap is the term used to signify the difference in expectations of users of financial statements and auditor’s expectation concerning audited financial statements. Although its about expectations but still its scope and meanings have been defined in number of ways. Difference in expectation can arise on the performance i.e. COUNT + SUM CELLS BASED ON CELL COLOUR IN EXCEL Step 2: Selected the cells containing headers and go to Data tab > in sort and filter group click Filter button and you will see drop-down arrows added to the heading cells. Step 3: Move to the last cell of column containing colored cells. You can do that quickly by simply having an active cell within in that column and hittingCTRL+DownArrow.
MAKING AGING ANALYSIS REPORTS USING EXCEL PIVOT TABLES Above formula is a combination of IF and VLOOKUP. Starting with the inner most function lets take a minute to understand what is it doing: IF statement is checking if today’s date is greater than the date mentioned in relevant cell of ‘Date’ column of the table (which will be true if invoice is already due), then calculate the difference, otherwise return “0” meaning its not yet due. WHAT IS OTHER MATTER PARAGRAPH AND WHEN IS IT USED Other matter paragraph is an additional paragraph which auditor might add if in his eyes it is important to draw attention of user to a matter other than those disclosed or presented in the financial statements. As this is about matter other than the ones already discussed in the financial statements thus the name other matter paragraph International Standards on Auditing defines Other Matter PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
AVERAGE COST (AVCO)
Average cost of inventory available for sale is calculated using a simple formula as follows: Average Cost per unit =. Cost of total inventory available for sale. Units of total inventory available for sale. AVCO method assumes that inventory is held collectively at one CONDITIONAL CHARTS IN EXCEL WHAT IS JOURNAL AND HOW MANY TYPES OF JOURNALS ARE IN Cash book / Cash journal records cash and bank transactions. only book of accounting that acts both as journal and ledger. Sometimes cash related transactions are recorded in two separate journals i.e. a cash receipt journal that records only receipts of cash and cash disbursement journal that records cash payments or cash outflows. HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
AVERAGE COST (AVCO)
Average cost of inventory available for sale is calculated using a simple formula as follows: Average Cost per unit =. Cost of total inventory available for sale. Units of total inventory available for sale. AVCO method assumes that inventory is held collectively at one CONDITIONAL CHARTS IN EXCEL WHAT IS JOURNAL AND HOW MANY TYPES OF JOURNALS ARE IN Cash book / Cash journal records cash and bank transactions. only book of accounting that acts both as journal and ledger. Sometimes cash related transactions are recorded in two separate journals i.e. a cash receipt journal that records only receipts of cash and cash disbursement journal that records cash payments or cash outflows. HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN You will notice a small bit added to the chart in front of second task as new series. Step 4: Right click on newly added series and click change series chart type. Click secondary axis check box and select scatter with straight lines. You will instantly see a verticalstraight line
USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a CONDITIONAL CHARTS IN EXCEL Last time we learnt how to make simple dial charts. There is so much to be discussed as basics to Excel charting but without little fun and doing out of ordinary is what everyone asks for. So today we will talk about how to do conditional charting in Excel. Making things clear,there is no
ADD A VERTICAL LINE TO GANTT CHART OR STACKED BAR CHART IN In last tutorial on gantt chart in Excel for project managers we learnt the simplest and fastest way to chart project activities/tasks. Today we are learning how to add a vertical line on the gantt chart representing current or any other specific date for better understanding of the gantt chart user. EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their LOWER OF COST AND NET REALISABLE Like many other assets, inventory is recorded and reported at cost in accounting books following historical cost principle following a certain cost flow assumption either FIFO, LIFO, AVCO or other methods. Another way of measuring inventory value is based on net realizable value (NRV). Under normal circumstances, cost of inventory is always lesser than the net amount business WHAT IS THE ACCOUNTING TREATMENT OF PREFERENCE SHARES AND To determine the accounting treatment of preference shares and dividend on such shares, first you have to identify if preference shares are redeemable or irredeemable. Accounting treatment for redeemable preference shares If preference shares are redeemable then shares are reported as liability in statement of financial position. This is an interesting fact that although they WHAT IS EXPECTATION GAP IN AUDITING? Auditing expectation gap or simply expectation gap is the term used to signify the difference in expectations of users of financial statements and auditor’s expectation concerning audited financial statements. Although its about expectations but still its scope and meanings have been defined in number of ways. Difference in expectation can arise on the performance i.e. COUNT + SUM CELLS BASED ON CELL COLOUR IN EXCEL Step 2: Selected the cells containing headers and go to Data tab > in sort and filter group click Filter button and you will see drop-down arrows added to the heading cells. Step 3: Move to the last cell of column containing colored cells. You can do that quickly by simply having an active cell within in that column and hittingCTRL+DownArrow.
MAKING AGING ANALYSIS REPORTS USING EXCEL PIVOT TABLES Above formula is a combination of IF and VLOOKUP. Starting with the inner most function lets take a minute to understand what is it doing: IF statement is checking if today’s date is greater than the date mentioned in relevant cell of ‘Date’ column of the table (which will be true if invoice is already due), then calculate the difference, otherwise return “0” meaning its not yet due. WHAT IS OTHER MATTER PARAGRAPH AND WHEN IS IT USED Other matter paragraph is an additional paragraph which auditor might add if in his eyes it is important to draw attention of user to a matter other than those disclosed or presented in the financial statements. As this is about matter other than the ones already discussed in the financial statements thus the name other matter paragraph International Standards on Auditing defines Other Matter WELCOME TO PAKACCOUNTANTS.COMMULTIPLE COLUMN DATA VALIDATION LISTS IN EXCELINTERNATIONAL AUDITING STANDARDS Gantt Chart in Excel – How To + Free Template + Hasaan Fazal - 2. Gantt chart is the simplest-most effective visual for planners and project managers. The most favourite tool FREE ACCA F3 PRACTICE KIT FREE Practice Kit to prepare exam and revision. This exclusive and FREE ACCA F3 Practice Kit is a must have resource for ACCA F3 Financial Accounting exam preparation and revision as this kit contains sufficient practice questions which can help you master each and every topic of ACCA F3. This online ACCA F3 Practice Kit isdivided into many
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their WHAT IS DIRECTIONAL TESTING? Directional testing has its roots connected directly in the financial accounting basics. We can understand how much double entry system is essential in financial accounting. Directional testing is an auditing technique that has based the same principle to audit the financial statements. As we understand for every debit “effect” in books of HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a WELCOME TO PAKACCOUNTANTS.COMMULTIPLE COLUMN DATA VALIDATION LISTS IN EXCELINTERNATIONAL AUDITING STANDARDS Gantt Chart in Excel – How To + Free Template + Hasaan Fazal - 2. Gantt chart is the simplest-most effective visual for planners and project managers. The most favourite tool FREE ACCA F3 PRACTICE KIT FREE Practice Kit to prepare exam and revision. This exclusive and FREE ACCA F3 Practice Kit is a must have resource for ACCA F3 Financial Accounting exam preparation and revision as this kit contains sufficient practice questions which can help you master each and every topic of ACCA F3. This online ACCA F3 Practice Kit isdivided into many
WHEN TRAINING COSTS CAN BE CAPITALIZED? It is correct that International Accounting Standards and especially IAS 16 Property, Plant and Equipment has specifically ruled out the capitalization of any expenditure incurred on training costs. You can read in more detail that why training costs are not allowed for capitalization as an IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their WHAT IS DIRECTIONAL TESTING? Directional testing has its roots connected directly in the financial accounting basics. We can understand how much double entry system is essential in financial accounting. Directional testing is an auditing technique that has based the same principle to audit the financial statements. As we understand for every debit “effect” in books of HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the USING SUMIF FUNCTION WITH DATES IN EXCEL I was in the middle of making an accounting project where I had to use SUMIF. This wonderful function that everyone must know especially accountants. In many instances SUMIF can be used as an alternative to VLOOKUP function and it is much easier to use as well. However, using this formula with dates is a WHAT IS DIRECTIONAL TESTING? Directional testing has its roots connected directly in the financial accounting basics. We can understand how much double entry system is essential in financial accounting. Directional testing is an auditing technique that has based the same principle to audit the financial statements. As we understand for every debit “effect” in books of REVALUATION OF NON-CURRENT ASSETS Accounting for revaluation of non-current asset is a three step process: Adjusting the cost of asset i.e. account of asset. Eliminating accumulated depreciation of asset being revalued. Recognizing revaluation gain or loss. Lets understand the accounting process with the help of an example. Suppose and entity bought a building three years ago FREE ACCA F9 STUDY NOTES FREE Study Notes for course coverage and revision. Following are the notes for ACCA F9 Financial Management. These study notes are designed by keeping ACCA F9 syllabus in mind and thus covers the whole course. We will be adding more content in it from time to time. If you have suggestions of any kind to make it better, we will appreciate that. AVERAGE COST (AVCO) METHOD ADVANTAGES AND DISADVANTAGES Average Cost (AVCO) is one of the method to assign costs to inventory and determine cost of sales value. And it can be used with either periodic inventory system or perpetual inventory system. AVCO has many advantages that is why it is widely popular among accountants and analysts however it does have some limitations that HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
HOW CAN WE CHANGE THE DEPRECIATION Step 1: Find the carrying amount at the date of change. Change in depreciation is made after two years so we will depreciate the asset for two years and it was on straight line basis. 100,000 / 5 = 20,000 per year. For two years it will be 20,000 x 2 = 40,000. Thus, carrying amount of the asset at the end of second year was 100,000 – 40,000 BUILDING A REFERENCE TO SPECIFIC WORKSHEET BASED ON CELL Step 1: Make “Invoice” worksheet active and select cell C4. Step 2: Go to Data tab > Data tools group > click Data validation button. Step 3: In a new dialogue box, settings tab is active by default, From the drop down select list. Step 4: Click the collapse button and click Customers worksheet tab and select the column that contains name.EXCEL PIVOT TABLES
Earlier we learned about grouping and ungrouping time related information very easily using excel pivot tables. It saves huge amount of time in preparing summary pivot table reports with different dimensions of time. However, we also learned one limitation of this feature i.e. if we want to group dates by week within a month or FORMAT DATES AS YEARLY QUARTERS IN EXCEL For reporting purposes sometimes its elegant to show dates as quarters of the year instead of months. It helps managing clutter in a large set of data. As much as I wish there was a way to do it using custom number formatting Excel doesn’t have such ability as such and thus we have to look somewhere IS SALES TAX INCLUDED IN THE COST OF As IAS 16 refers that such taxes which are non-refundable will form part of the cost of the asset. However, sales tax is a refundable tax even if it is paid as part of the consideration of asset at the time of purchase. One thing to remember that entity measurement of cost of the asset and measurement of liability connected with the purchase of WELCOME TO PAKACCOUNTANTS.COMMULTIPLE COLUMN DATA VALIDATION LISTS IN EXCELINTERNATIONAL AUDITING STANDARDS Gantt Chart in Excel – How To + Free Template + Hasaan Fazal - 2. Gantt chart is the simplest-most effective visual for planners and project managers. The most favourite tool PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
BUILDING A REFERENCE TO SPECIFIC WORKSHEET BASED ON CELL Step 1: Make “Invoice” worksheet active and select cell C4. Step 2: Go to Data tab > Data tools group > click Data validation button. Step 3: In a new dialogue box, settings tab is active by default, From the drop down select list. Step 4: Click the collapse button and click Customers worksheet tab and select the column that contains name. IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: WHY TRAINING COSTS ARE NOT CAPITALIZED AS COST OF THE First of all not every directly attributable cost can amount to capitalization as cost of the asset. IAS 16 requires more than just a cost to be directly attributable before it qualifies for capitalization as cost of the asset or to be included in the carrying amount of the non-current asset or fixed asset.. According to IAS 16 Para 16(b) the cost of an item of property, plant and equipment CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such USING CONDITIONAL FORMATTING TO HIGHLIGHT RANGE OF With conditional formatting feature, Excel makes even the numeric bits easy to understand with visual aids. Conditional formatting lets you format the cell and text within in relation to particular condition. Suppose you want your data to appear like this: Less than 0% = Red Greater than 0% but equal to 5% = Yellow Greater GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the IS SALES TAX INCLUDED IN THE COST OF As IAS 16 refers that such taxes which are non-refundable will form part of the cost of the asset. However, sales tax is a refundable tax even if it is paid as part of the consideration of asset at the time of purchase. One thing to remember that entity measurement of cost of the asset and measurement of liability connected with the purchase of WELCOME TO PAKACCOUNTANTS.COMMULTIPLE COLUMN DATA VALIDATION LISTS IN EXCELINTERNATIONAL AUDITING STANDARDS Gantt Chart in Excel – How To + Free Template + Hasaan Fazal - 2. Gantt chart is the simplest-most effective visual for planners and project managers. The most favourite tool PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment (PPE) are tangible non-current assets that entity holds for a period longer than one accounting period meaning longer than a year for: use in ordinary course of business for: production or supply of goods that are later sold or used provision of services to customers or to departments rental to othersi.e.
BUILDING A REFERENCE TO SPECIFIC WORKSHEET BASED ON CELL Step 1: Make “Invoice” worksheet active and select cell C4. Step 2: Go to Data tab > Data tools group > click Data validation button. Step 3: In a new dialogue box, settings tab is active by default, From the drop down select list. Step 4: Click the collapse button and click Customers worksheet tab and select the column that contains name. IS WARRANTY COST CAPITALIZED OR INCLUDED IN COST OF THESEE MORE ONPAKACCOUNTANTS.COM
EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: WHY TRAINING COSTS ARE NOT CAPITALIZED AS COST OF THE First of all not every directly attributable cost can amount to capitalization as cost of the asset. IAS 16 requires more than just a cost to be directly attributable before it qualifies for capitalization as cost of the asset or to be included in the carrying amount of the non-current asset or fixed asset.. According to IAS 16 Para 16(b) the cost of an item of property, plant and equipment CAN WE CAPITALIZE MATERIAL RELOCATION EXPENSES INCURRED ON First of all we must be clear about subsequent expenditures, criteria for capitalizing subsequent expenditures in carrying amount of non-current/fixed assets and relocation costs or expenses. Subsequent expenditures refers to such costs which are incurred after the asset is recognized in the financial statement and brought to the location and condition intended. Examples of such USING CONDITIONAL FORMATTING TO HIGHLIGHT RANGE OF With conditional formatting feature, Excel makes even the numeric bits easy to understand with visual aids. Conditional formatting lets you format the cell and text within in relation to particular condition. Suppose you want your data to appear like this: Less than 0% = Red Greater than 0% but equal to 5% = Yellow Greater GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the IS SALES TAX INCLUDED IN THE COST OF As IAS 16 refers that such taxes which are non-refundable will form part of the cost of the asset. However, sales tax is a refundable tax even if it is paid as part of the consideration of asset at the time of purchase. One thing to remember that entity measurement of cost of the asset and measurement of liability connected with the purchase of REVALUATION OF NON-CURRENT ASSETS Accounting for revaluation of non-current asset is a three step process: Adjusting the cost of asset i.e. account of asset. Eliminating accumulated depreciation of asset being revalued. Recognizing revaluation gain or loss. Lets understand the accounting process with the help of an example. Suppose and entity bought a building three years ago REVISION OF ESTIMATES Estimates that may need revision are: Useful life of asset: the period for which asset is expected to stay operational may change; Depreciation rate: if the rate of cashflows (benefits) from the asset has increased or decreased, entity may have to adjust depreciation rate to match up.; Residual value of asset: the value entity is expecting to recover at the end of useful life by scrapping or EXCEL VARIANCE CHARTS: MAKING AWESOME ACTUAL VS TARGET OR In this tutorial we are learning how to make an awesome variance chart in Excel that clearly plots actual and target (budgeted) figures using bars and variances (favourable and unfavourable) with arrows so beautifully that you get the whole story without looking twice: Some features of the Excel variance chart above we are learning today: IS SALES TAX INCLUDED IN THE COST OF As IAS 16 refers that such taxes which are non-refundable will form part of the cost of the asset. However, sales tax is a refundable tax even if it is paid as part of the consideration of asset at the time of purchase. One thing to remember that entity measurement of cost of the asset and measurement of liability connected with the purchase of WHAT IS FINANCIAL STATEMENT RISK? The term or concept with the name Financial Statement Risk has NOT been defined, at least, in International Standards on Auditing and not even in any other pronouncements issued by IAASB related to assurance engagements and related services.So it is possible that this term is from such pronouncements issued by other auditing boards. Most of the time authors or teachers make up their WHY TRAINING COSTS ARE NOT CAPITALIZED AS COST OF THE First of all not every directly attributable cost can amount to capitalization as cost of the asset. IAS 16 requires more than just a cost to be directly attributable before it qualifies for capitalization as cost of the asset or to be included in the carrying amount of the non-current asset or fixed asset.. According to IAS 16 Para 16(b) the cost of an item of property, plant and equipment HOW TO RECORD THE DISPOSAL OF REVALUED NON-CURRENT ASSET Revalued non-current asset is the one that has undergone revaluation and now that asset is now measured on revaluation basis instead of historical cost basis. To learn more about revaluation model consult our IAS 16 – Property Plant and Equipment resources page. The accounting treatment of disposal of asset that is carried onrevaluation basis
WHAT IS SOURCE DOCUMENT? In the business world buyers and sellers interact to exchange goods and services and other transactions like payment. A diligent accountant keeps the record of all such important transactions about which users must be informed. However, to have the information reliable the recording of such transaction is controlled by source documents. Source document is basically FORMAT DATES AS YEARLY QUARTERS IN EXCEL For reporting purposes sometimes its elegant to show dates as quarters of the year instead of months. It helps managing clutter in a large set of data. As much as I wish there was a way to do it using custom number formatting Excel doesn’t have such ability as such and thus we have to look somewhere GRAND TOTALS TO THE LEFT OF EXCEL PIVOT TABLE INSTEAD OF So we have to improvise and yes there is a workaround and once applied following is the result! To get the grand totals column at the left, insert a new column at left if you don’t already have the space for it. Then put the following formula in the cell adjacent to the__
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WHO IS BEHIND PAKACCOUNTANTS My name is Hasaan Fazal and I am full time teacher. To make it easy for myself to reach students and for students to learn better I am a constant gardener at ACCALIVE and PakAccountants. At PakAccountants I do my best to help you become an accountant whostands out!
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