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ADVICE NOTE SERVICE CHARGE ACCOUNTING BEST PRACTICE A summary of best practice for service charge accounting2Advice Note Service Charge Accounting Best Practice Revised April 2014CONTENTS Note: As

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What is service charge accounting?

Service charge accounting is the process of recording and reporting service charges collected by a business.

Who is required to file service charge accounting?

Businesses that collect service charges as part of their revenue are required to file service charge accounting.

How to fill out service charge accounting?

Service charge accounting can be filled out by recording the details of service charges collected, calculating the total amount, and reporting it in the financial statements.

What is the purpose of service charge accounting?

The purpose of service charge accounting is to accurately report the revenue generated from service charges and ensure transparency in financial reporting.

What information must be reported on service charge accounting?

Service charge accounting must include details of the service charges collected, the calculation method used, and any relevant supporting documentation.

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