InterviewSolution
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InterviewSolution
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Explain What Is The Effect Of Not Reconciling The Expense Accounts? |
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Answer» If the company is being reimbursed by another organization for the EXPENSE incurred EARLIER then it will be a credit to the expense ACCOUNT. If the expense was over accrued and the actual is LOWER than the accrual then it will be reversing entry reducing the expense. If the company is being reimbursed by another organization for the expense incurred earlier then it will be a credit to the expense account. If the expense was over accrued and the actual is lower than the accrual then it will be reversing entry reducing the expense. |
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