Accounting

Accrued Expenses: Quick Facts and Examples

Businesses operate through transactions classified as payments and receivables. Over time, these transactions accumulate. A business tracks the accumulated transactions and business records and documents them for reference. In accounting, these expenses can be called accrued expenses or payables, depending on the transaction model and type. Let’s look at some quick facts about accrued expenses. …

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Ernst & Young Fined $100 Million Amid Employee Cheating Scandal

Ernst & Young, one of the world’s top accounting firms, has been fined USD100 Million by the SEC after its employees were found to have cheated on their ethics exams. The company is accused of withholding evidence of the misconduct from the federal authorities that had been looking into the matter. ‚ÄúThis action involves breaches …

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