Accounting Archive

Why We Must Follow the Accounting Rules

Basic Accounting Most people find financial statements identical to a foreign language that they can’t understand. Therefore, to ensure that financial statements are easier to understand, there is a set of rules and practices known as the generally accepted accounting principles (“GAAP”). Development of these rules provides a basic guideline accounting because I think it’s [&hellip

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What Is Accounting Anyway?

Anyone who’s worked in a company at some point or another has had to go to accounting. They’re the people who pay and send out the bills that keep the business running. They do a lot more than that, though. Sometimes referred to as “bean counters” they also keep their eye on profits, costs and [&hellip

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Accounting Principles

What is Accounting Principles? If everyone involved in the process of accounting followed their own system, or no system at all, there’s be no way to truly tell whether a company was profitable or not. Most companies follow what are called generally accepted accounting principles, or GAAP, and there are huge tomes in libraries and [&hellip

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Bookkeeping

What is Bookkeeping ? In  business, bookkeeping is a recording of financial transactions, and its a part of accounting process. So what they do in bookkeeping departments on daily basic? Normally, bookkeeping department also be known as Accounting department. What bookkeeping does? Well, one thing they do that’s terribly important to everyone working there is [&hellip

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Accounting Services

Accounting Jobs Hiring and keeping experienced book-keepers and accounts personnel can be a real headache.  As these staff come and go, the company’s accounts department function is disrupted. Let our experienced teams maintain your company accounts and ledgers. Our staff will come to your premises to do the accounting work using computerised accounting programs which will [&hellip

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Why You Need An Accountant??

One aspect of running a small business that few people give a lot of thought to is the way they deal with professional vendors such as bankers, lawyers, accountants and so on. Most entrepreneurs just dive right into their businesses without giving a second thought to how these professionals should be treated, what they can [&hellip

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The importance of sound accounting system to business

What is a sound accounting system? Businesses are said to adopt sound accounting systems if their bookkeeping and accounting systems are reliable, able to produce accurate and updated financial information. Such systems also include efficient and effective filling and documentation systems. In addition, the personnel involved in the preparation of the financial information are qualified [&hellip

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Understanding Financial Statements

Income Statement An income statement is a type of summary flow report that lists and categorizes the various revenues and expenses that result from business operations during a given period — a year, a quarter or a month. The difference between revenues and expenses represents a company’s net income or net loss. Income statements are [&hellip

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Financial Reporting and Fraud

In every business entity, its ultimate objective is to generate more and more profit into the business. However the transactions must be prudent, or in the other word there must be a check and balance to ensure its operation is in orderly manner. Financial statements may be falsified to conceal when it falls under the [&hellip

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Forensic Auditing is a must for every Company

I”ve been  involved in the accounting and auditing world for more than 17 years and I found that the forensic auditing is a must for every company especially in a Listed Companies. Why? Because you can see clearly that major accounting scandals involving Enron, Worldtel and Parmalat have been widely reported. In all these cases, [&hellip

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