Tag: accounting

The Accounting Equation And Basic Math Concepts (3)

AccountingThis formula works best for large corporations and those businesses with investors. For example, if a small business sells a widget to a customer for $1,000 and it cost $700 to produce, the accounting transaction would be an increase to cash (assets) by the amount received from the customer, an increase to revenue (owner’s equity) by the same amount, a decrease to inventory (assets) by the amount it cost to produce the widget, and an increase the cost of goods sold expense account (owner’s equity) for the amount it cost to produce the widget.

Accounting is an art as well as science which systematical process that identifies, records, classifies and communicates the economic facts and figures of an organization This process is a combination of a series of activities begin when a transaction take place and end with its inclusion in the financial statements at the end of the accounting …

Difference Between Financial Accounting And Management Accounting (2)

Financial AccountingEnter your mobile number or email address below and we’ll send you a link to download the free Kindle App. The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting. Management accounting draws all financial information from financial accounting.

While financial accounting is used to prepare accounting information for people outside the organisation or not involved in the day-to-day running of the company, management accounting provides accounting information to help managers make decisions to manage the business. Materiality: …

Accounting Basics (3)

AccountingAlthough accounting is described as the language of business” at its core accounting is based upon a single equation referred to as the Accounting Equation. In light of the above discussion and definition, a comprehensive and meaningful definition of accounting can be given as such- Accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money’s worth can be recorded, classified and summarized in a proper and systematic way.

The framework of the GAAP is based upon the method followed by CPA firms to prepare, record and present statements of their incomes, expenses, assets and liabilities and the regulations that govern the calculation of the profit/ loss figure for a given period of time which is usually one year (whether the year followed is the financial year or the calendar year depends upon individual firm’s accounting policies).

A professional …

Accounting Soup (3)

AccountingFor professionals seeking to either advance within or transition to a career in the field of accounting, the Martin J. Whitman School of Management offers a Master of Science in Professional Accounting degree in this flexible online format. He sees to it that proper recording of entries are done, taking into account the new barangay accounting system under NGAS, for proper monitoring of accounts. Beyond just accurate, reliable income tax preparation, I also provide bookkeeping and payroll services, small business financial consulting and accounting services, and a keen ability to listen to your specific issues. Einstein said that the definition of insanity is doing the same thing over and over and expecting different results.

I want you to take your original essay on the characteristics of a great student and write an essay (of whatever you think is an appropriate length) where you evaluate your work so far this semester …

The Big 5 Accounting And Auditing Firms In The Philippines (2)

Financial ConsultantTom Corrado, a financial consultant since 1987, has been working with LBS Financial Members since 1992. Wall Street’s broker-dealer firms retained enough market share to possess a sales force that was able to hype IPOs; this continued Wall Street’s ability to justify its highly profitable investment banking fees. We had intentionally kept Western Kentucky University’s Financial Planning Program’s enrollment low, so as to graduate no greater than 75 students a year.

American consumers, continuing to read of ongoing scandals emerging as a result of the sales culture that so dominated Wall Street’s large firms, shied away from seeking out any financial advice. Here in 2025, many of our graduates were taking jobs selling insurance, annuities, and costly financial products; they had no choice. Summertime – and the livin’ is easy,” or at least it should be when it comes to getting simple answers to common financial questions.

Of course, neither …

The Differences Between Financial Accounting And Management Accounting (2)

Financial AccountingThis course is compulsory on the MSc in Accounting, Organisations and Institutions. Financial accounting aims at finding out results of accounting year in the form of Profit and Loss Account and Balance Sheet. Cost Accounting aims at computing cost of production/service in a scientific manner and facilitate cost control and cost reduction. For understanding the financial position of a business firm, they should prepare ‘Balance Sheet’.

Financial accounting reports the results and position of business to government, creditors, investors, and external parties. In financial accounting, cost classification based on type of transactions, e.g. salaries, repairs, insurance, stores etc. Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction.

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. The Financial Accounting Standards Boards Statements of …

What Is The Modern Defination Of Accounting (3)

AccountingProfessors Bill Resler, Frank Hodge and Zoe-Vonna Palmrose with MPAcc graduation speaker and CFO of Microsoft, Amy Hood. Minimize data entry with automated bank feeds and quickly categorize bank transactions into your accounting data. If you wish to have data copies as of specific dates that you can restore, you will also need to create manual backups using Sage 50 Accounting. Your nanny is your employee as per Canada Revenue Agency’s (CRA )definition of Employee Vs Contractor. They want this system to do banking, payments, sales, marketing and accounting.

In addition to doing tax returns for individuals and providing accounting services to small and medium business, Linh offers a Nanny Payroll Service to employers of nannies and other caregivers. However, CHAI, by reversing its decision to refile IRS 990 Forms from 2013 and 2012, only skims the surface of the fraudulent accounting represented by Ortel’s countdown clock. Ortel is also …

The Accounting Career

AccountingAccounting rules are the standardized framework accountants adhere to in getting ready accounts and monetary statements. Adjusting entries are a means of implementing accrual accounting and thereby help in producing financial statements which are comparable from period to period related to the needs of customers. Store inventory software program can easily do the trick with the least amount of hassle and errors. Accounting software program also needs to be capable to cater to your enterprise’s wants, that will help you see the massive image.

The Milwaukee Chapter has members of very diverse backgrounds: students, retired, CPAs, non-CPAs, accountants and bookkeepers in business, public accounting companies, non-profits and enterprise owners. The most typical positions are: chartered accountant, accounting supervisor, auditor, advisor, credit analyst, supervisor or executive, chief financial officer. This lens is my technique to encourage others and share what I have learned about online instructing jobs.

Forensic accountants combine their …

Accounting & Financial Statements Articles (2)

Financial AccountingFinancial statements analysis is an essential tool to the company since it ensures that it adheres to accounting standards by providing accounting regulatory agencies with an understanding regarding whether the company follows accounting standards or not. Evaluate the application of financial accounting concepts, principles, and procedures that govern the recording and reporting of financial information. Understand needs of the users of general purpose financial reports and appreciate the role of the social, environmental and regulatory environments in shaping the nature and content of financial reporting. In the Philippines, we have adopted the International Financial Reporting Standards (IFRS) as our Philippine Financial Reporting Standards (PFRS).

Certified Public Accountants (CPAs) use financial accounting principles or what is more commonly known as Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS). The problem arises when these audited financial statements (AFS) are submitted to the BIR as attachment to company or individual …

On-line Accounting Software

AccountingThose sizzling industries are persevering with to stay steady and even increase, in spite of financial and financial challenges. The system of generally accepted accounting rules is flawed as a result of the needs of accounting firms and the desires of their clients make it so. Moreover, because significant elements of the system are rotten to the core, the difficulty won’t be restricted to companies that engaged in derivatives trading or hired the accounting firm Arthur Andersen.

A financial controller (who is liable for the routine accounting duties & providing accounting stories for different departments), a Management Accountant (who is accountable for the company’s value accounting, budgets & budgetary control & monetary management of its initiatives) & a Treasurer (who is answerable for raising funds for the corporate by borrowing, investing surplus funds in the money markets & arranging for the corporate’s long run finance).

Continuing the carpet instance, if …