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Briefly explain the following terms as used in the accounts of professional practitioners: (i) Office account (ii) Client account (iii) Costs charged to clients (iv) Work-in-progress.

      

Briefly explain the following terms as used in the accounts of professional practitioners:
(i) Office account
(ii) Client account
(iii) Costs charged to clients
(iv) Work-in-progress.

  

Answers


Wilfred
i. Office account – is an account that records the professional’s receipts and expenditure.
ii. Client account – is an account that records the amounts that a professional owes or is owed by the client.
iii. Costs charged to clients – are professional fees charged to clients on services rendered.
iv. WIP – value of incomplete work not yet charged to a client
Wilfykil answered the question on February 11, 2019 at 10:12


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