by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Journal in Accounting?A journal is an account in which a business records its financial transactions. Businesses use the journal to transfer information or reconcile records of income and expenditure with the entries in a general ledger. Records in a journal...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What are Generally Recognized Accounting Practice (GRAP)?The Generally Recognized Accounting Practice (GRAP) is an accounting standard employed in South Africa. It is defined as an array of essential ideas that serves as a guide to processes related to accounting. It...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Certified Internal Auditor?A certified internal auditor is employed by a company or the government to review the financial records of that company or the government before an external auditor comes in. CIAs receive special certifications conferred by IIA...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What are Generally Accepted Auditing Standards?Generally Accepted Auditing Standards generally termed as GAAS is a step by step guideline that auditors use while performing audits. The audits are of the financial records of the companies. They make sure that the audit...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Carrying Costs of Inventory?The cost incurred by a company to hold and store its inventory for a certain period of time is called the carrying cost. In marketing, it is also known as the holding cost or carrying cost of inventory. It is often expressed as...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Certified Public Accountant (CPA)?A Certified Public Accountant (CPA) is a professional designation given by the American Institute of Certified Public Accountants referring. It is given to accountants who pass certifying exams and meet the applicable state...
