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What is gaap for accounting for audit fees you intend to record the estimated current year audit fees to the provision for audit fee account your CPA states you cannot accure until service is rendered?
You are booking a known expense.
What is the accounting journal entry to record audit fees with VAT?
To record audit fees with VAT, you would make the following journal entry: Debit the "Audit Fees Expense" account for the net fee amount, debit the "VAT Input Tax" account for the VAT amount, and credit the "Accounts Payable" or "Cash" account for the total amount (audit fee plus VAT). For example, if the audit fee is $1,000 and VAT is $200, the entry would be: Debit Audit Fees Expense $1,000, Debit VAT Input Tax $200, and Credit Accounts Payable $1,200.
What is Provision for audit fees entry?
what is the accounting entry for provision for audit fees
What is the accounting journal entry to record audit fees?
If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c
Building appraisal fees - capital or expense?
Building appraisal fees are typically considered a capital expense rather than an operating expense. This is because these fees are associated with acquiring an asset or enhancing its value, thus contributing to the cost basis of the property. Capitalizing the appraisal fees allows them to be depreciated over time, aligning the expense with the asset's useful life. However, if the appraisal is for a short-term purpose or related to property management, it may be treated as an operating expense.
Are 12b-5 fees included in gross expense ratio?
Yes, 12b-1 fees are included in the gross expense ratio (GER) of a mutual fund or exchange-traded fund (ETF). The GER encompasses all operating expenses, including management fees, administrative costs, and 12b-1 fees, which are used for marketing and distribution. However, it's important to note that the net expense ratio (NER) can differ if the fund waives certain fees or expenses.
Is audit fee is fixed or variable expenses?
Audit fees are typically considered variable expenses, as they can fluctuate based on the scope of the audit, the complexity of the financial statements, and the specific needs of the organization. While some firms may negotiate fixed fees for certain services, overall, audit costs can vary from year to year depending on different factors such as changes in regulations or the size of the company being audited.
What is MER in mutual Fund?
1. Management Expense Ratio (MER)The MER is an annual fee that's charged to a mutual fund to pay for such expenses as: * management fees paid to the managers of the fund * adviser sales commissions and ongoing service (trailer) fees * legal and audit fees * custodian and transfer agent fees * fund administration expenses * marketing expenses (guess who pays for all those TV, radio and print ads?) Here is a link with answers on other terms. http://www.bylo.org/affordmf.html
Is audit fee a fixed cost?
Audit fees are generally considered a variable cost rather than a fixed cost, as they can fluctuate based on the complexity of the audit, the size of the organization, and the specific requirements of the audit process. Although some companies may have a set fee for routine audits, additional services or unexpected issues can lead to increased costs. Therefore, while there may be predictable elements, audit fees can vary significantly from year to year.
Is affiliation fees an asset or expense?
Affiliation fees are typically considered an expense, as they represent a cost incurred by an organization to maintain membership or affiliation with a professional body or association. These fees are recorded on the income statement and reduce the net income for the period. However, if the fees are associated with acquiring a long-term benefit, they might be capitalized as an asset, but this is less common.
Where can I research Public Company Audit Fees?
You can find out information on public company audit fees on annual filings prepared by the public company and posted on SEDAR or EDGAR. Alternatively, you can visit theauditorsreport.com and research audit fee data there.
When a company successfully defends the patent in extended litigation - what is the proper way to account for the cost?
It is considered an expense on the Income Statement, which should be allocated to "Professional Fees" or "Accounting and Legal Fees"
