Forensic Accounting Forensic accounting is the process of applying accounting principles and techniques to matters involving investigation, litigation, and other disputes. It involves a wide range of services, including: Key Services: Financial Statement Investigation: Reviewing and analyzing financial statements to identify potential fraud, error, or misconduct. Fraud Detection and Investigation: Investigating suspected fraud cases and […]

A suspense account is a type of account in which funds are held temporarily until the outcome of a certain event is known. It is used to account for funds that are not yet due or are in the process of being collected. Examples of suspense accounts: Accounts for accounts receivable, bills payable, and unearned […]

Cost Accounting Cost accounting is a specialized accounting function that involves tracking, recording, analyzing, and reporting of costs incurred by a company. It is an essential part of financial management and helps companies to control their expenses, budget effectively, and make informed decisions. Key Elements of Cost Accounting: 1. Cost Object:– Any item or activity […]