Cut off?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2012
Hi,
Can anyone explain me cut off procedures with an example? and in respect of which transactions this cut off procedures will work?
Can anyone explain me cut off procedures with an example? and in respect of which transactions this cut off procedures will work?
01 June 2012
Cut off procedures separation of transaction from one period and another say upto march 31, and after 31st march.This ensures that transactions and events are recorded in the proper accounting period.
For example at the year end in case of Inventories
(a) goods purchased but not received are included in the inventories; and
(b) goods sold but not despatched are excluded from the inventories
For example at the year end in case of Inventories
(a) goods purchased but not received are included in the inventories; and
(b) goods sold but not despatched are excluded from the inventories
Message likes :
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01 June 2012
I agree with the expert's reply. The Cut off procedures are used to segregate the transactions from one accounting period to another accounting period.
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