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This article would acquaint the reader with the concept of receivables. After finishing this article, the reader should be able to know the characteristics of receivables, understand how to classify receivables either as trade or non-trade receivables, understand the valuation of receivables and know how to classify the receivables as either current or noncurrent.
Published by Lindbergh Lendl Soriano 69 months ago in Accounting & Finance | +5 votes | 3 comments
The objective of this article is to help you understand the components of the line item “cash and cash equivalents” in the balance sheet. After reading this article, you should have a thorough understanding of what cash is, what cash equivalents are, what their components are and what disclosures are required.
Published by Lindbergh Lendl Soriano 70 months ago in Accounting & Finance | +7 votes | 6 comments
This article will acquaint the reader with the recognition criteria and measurement that should be applied to provisions, contingent liabilities, and contingent assets. Disclosures required in the notes to financial statements are also discussed to enable users to understand their nature, timing and amount. The discussions below are based from IAS 37.
Published by Lindbergh Lendl Soriano 70 months ago in Accounting & Finance | +3 votes | 0 comments
Evolution of Accounting as a Social Science In its oldest form accounting aided the stewards to discharge their stewardship function. The wealthy men employed stewards to manage their property; the stewards in turn rendered an account periodically of their stewardship. This 'Stewardship Accounting' was the root of financial accounting system. The presently followed system of double-entry book-keeping has been developed only in the 15th Century. However, historians found records of debit ...
Published by Gazu Lakhotia 70 months ago in Accounting & Finance | +0 votes | 0 comments
Procedural aspects of accounting Generating Financial Information 1. Recording - This is the fundamental purpose of accounting. Every business transactions of a financial character, as supported by a number of documents like pass book, sales bill, salary slip etc. are confirmed in the record of account. Recording is done in a book called "Journal." This book may further be divided into several subsidiary books according to the character and volume of the business.
Published by Gazu Lakhotia 70 months ago in Accounting & Finance | +1 votes | 0 comments
Objectives of Accounting The objectives of accounting can be given as follows: Systematic recording of transactions - Basic objective of accounting is to systematically record the financial aspects of business transactions i.e. book-keeping. These recorded transactions are later on classified and summarized logically for the preparation of financial statements and for their analysis and interpretation.
Published by Gazu Lakhotia 70 months ago in Accounting & Finance | +1 votes | 0 comments
Many small business owners use these practices in their accounting departments, because it is the healthiest way to run a small business. Using the best practices in accounting can reduce spending expenses and increase bottom line profit. This can provide a lucrative yet responsible way to handle the accounting in a small business.
Published by Debbie Bastien 70 months ago in Accounting & Finance | +1 votes | 0 comments
Bookkeeping is simply the process of recording the monetary transactions of a business. A bookkeeper is the person or individual who records all the financial transactions of the company or the business. The measurement period of a business is usually annual but the processes of recording transactions are done on daily basis with summaries being done in monthly cycles.
Published by Marie A. 70 months ago in Accounting & Finance | +1 votes | 0 comments
Accounting is a very interesting field. It has many branches – 7 to be exact. After finishing this article, the reader should have acquired an overview of the different branches of accounting, namely – financial accounting, auditing, management advisory services or management accounting, government accounting, tax accounting, fiduciary accounting, and accounting systems installation.
Published by Lindbergh Lendl Soriano 71 months ago in Accounting & Finance | +6 votes | 2 comments
Accounting information is contained in finanical statements of the company. There are many persons who study the financial statement of the company for a specific purpose. These persons are called as users of Accounting information. There are many users of accounting information. This article provides a detailed information regarding users of accounting information and how such information is used by such users.
Published by aerial 71 months ago in Accounting & Finance | +2 votes | 0 comments
Accounting is considered the language of business. It has evolved throughout the years as information needs changed and became more complex. After finishing this article, the reader should be able to have a general understanding about accounting, be acquainted with the different definitions, know the different types of information found in accounting reports, and know the different uses of accounting information.
Published by Lindbergh Lendl Soriano 71 months ago in Accounting & Finance | +2 votes | 0 comments
This article is a simplification of what I am calling fantasy financing. It is written for the lay person, not the accountant or economist. It is simple, straightforward and should give an understanding as to what caused the financial meltdown, recession, and how one must properly value and protect their assets.
Published by Keith Cobb 71 months ago in Accounting & Finance | +0 votes | 0 comments
Analysis of financial statements involves determination of relationships, trends and changes from the data found in the financial statements and related information to arrive at an evaluation and conclusion with regards to the results of operations of an entity. Financial analysis should not be interchanged with business analysis as they are not the same. Business analysis is broader in scope and may encompass financial analysis.
Published by Lindbergh Lendl Soriano 71 months ago in Accounting & Finance | +2 votes | 0 comments
Basic Financial Accounting for Non-Accountants, Understanding Basic Accounting Concepts for Non-Accountants, Financial Accounting Concepts for Non-Accountants, Accounting for Non-Accountants, Understanding the Basic Financial Statements and Basic Accounts for Non-Accountants are the main areas of concern for this article. Non-Accountants need not to interpret the Financial Statements but to understand them.
Published by Jeanette Dolotina 71 months ago in Accounting & Finance | +2 votes | 3 comments
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