Get true answers from experts in Accounting & Finance.
Here are ariel nacion's articles in Accounting & Finance:
has written 3 Accounting & Finance articles
, has received +10 recommendations
and is currently the #13
ranked expert in this subject.
Every business venture needs to create, store, analyze and manage financial information to facilitate the decision making process of the business. Quickbooks Canada is useful for small business which provides affordable Accounting Solutions with sense of timeliness, accuracy and dependability. With its user-friendly features, Quickbooks Canada has proven to be the leading Accounting Software in Canada.
Intuit Quickbooks Canadaoffers the following products for Small Business:
Patriot Software offers payroll software which can be accessed online, anywhere and at any time from as little as $10. Specifically designed for non-payroll experts it makes the concept of running your own business far easier and less time consuming as you can automate all of your accounts to include payroll information, calculate gross and net payroll, factor in payroll deductions / company benefits and compute all payroll taxes.
Patriot Software also offers an optional tax filing system which...
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.
The objective of this article is to help you understand the components of the line item â€œcash and cash equivalentsâ€ 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.
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.
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 ...
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.
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.
Accounting is a very interesting field. It has many branches â€“ 7 to be exact. After finishing this article, the reader should have acquired an overview of the different branches of accounting, namely â€“ financial accounting, auditing, management advisory services or management accounting, government accounting, tax accounting, fiduciary accounting, and accounting systems installation.
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.
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.
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.
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.
We may not know it, but all around us, people are using accounting information. From the most complex corporate transactions to the simplest business dealings, accounting information is always used. Even in our homes, when we are at work, when we are at school, or wherever we may be, accounting information could be vital.
Cash receipts, sometimes called cash inflow, or simply receipts is the amount of cash that an entity acquires for a certain time period. Cash disbursements, sometimes called cash outflow, or simply disbursements or payments is the amount of money that a company parts with. Cash disbursements are cash outlays of an entity. Given the double entry system, should cash receipts equal cash disbursements?
Bachelor of Science in Accountancy is one of the most difficult courses to pass in college. The course primarily deals with numbers and computations. Problems are encountered in almost about every accounting subject. Of all the subjects that a student must undergo in the accountancy program, five of the hardest accounting subjects were determined. Provided in this article are the accounting subjects that students have difficulty with and the topics associated with each subject.
In Financial Accounting, Depreciation, Amortization and Depletion have one major purpose, that is, to allocate the cost of an asset over its useful life. However, how does one differentiate Depreciation from Amortization and Depletion when they have the same major purpose? They generally differ on the category of asset to which they belong.
When a portion of the Accounts Receivable remains uncollected over a specified period of time, Bad Debts should be recognized. Allowance for Doubtful Accounts is determined using the Allowance Method of recognizing bad debts. The generally accepted procedure in the accounting treatment for bad debts should be carefully identified and implemented.
Financial Ratios in Feasibility Study play a vital role in the decision making of the business. Most business owners rely on the financial statements given by their Accountants and not on Financial Ratios. Financial ratios have great contributions to business owners. Financial Ratios are the turning points in a feasibility study. Whether a project is feasible or not, financial ratios can answer it.
The debit and credit entries in the book of accounts should correspond to the credit and debit entries in the bank statements. If they are not matched, then there is a need for bank reconciliation. The factors affecting bank reconciliation should be determined in order to come up with the appropriate action in the reconciliation of accounts.
Double entry bookkeeping is accomplished with the accounting equation, Equity = Assets Â– Liabilities or derived as Assets = Liabilities + Equity. The sum of all the debits should be equal to the sum of the credits. In banking, credit refers to deposits and other transactions that will increase your account balance and vice versa, debits refer to withdrawals and other transactions that will decrease your account balance.
Payday loans are great temptation for they are easily available and hence provide an easy way out when faced with financial crisis. However, are you doing the right thing? Here are a few questions that would be able to confirm whether a payday loan is a good idea in your case.
Small business tax could be controversial, get the how to tips to withstand IRS tax audits and learn more about how to escape tax penalties in your small business
Private Finance Vs. Public Finance
The basic principles of public finance and private finance are the same. Individuals and States are similar in that both need resources. Both have to secure maximum results from their resources. Both attempt to get the best out of all items of expenditure.
Elements of Costs
The classification is based on the natural characteristics of cost i.e., on the basis of the elements of cost namely as: A.) Material cost B.) Labour cost C.) Expenses
Materials are substances from which products are manufactured. Materials may be classified as direct and indirect. Direct materials are those substances which can be directly identified with any cost centre, product or a group of products.
The top six myths about grant funding for business and personal finance.
Basic Concepts of Auditing: Standards of Field Work and Report
The new Bankruptcy act of 2005 has made life tough for the debtor.
How should audit clients properly classify its cash items in the financial statements for audit purposes?
Outright.com Promo Code / Discount Coupon Code. Outright.com Review. Often small business organizations, budding entrepreneurs, freelancers and the like, do not have very complex bookkeeping requirements. Yet, this segment of users may not be well-conversant with whatever simple accounting aspects or tax related issues concern them. In addition, such accounting work might become boring and tedious, effectively eating away time that could have been allocated to other business activities. This is ...
Financial Statement Analysis is an important part of overall financial analysis, based on the statements which are the end products of accounting system
Patriot Software Promo Code / Discount Coupon Code. Patriot Software Review. Patriotsoftware has designed a software programme for the computerisation of your payroll accounts, but it has been designed specifically for non-payroll experts. This makes the concept of running your own business much easier and with this system you can choose to pay your employees by pay checks, direct deposit, cash or pay cards. Incredibly simple to set up in just a matter of minutes, this software can be acces...
Functions of a Commercial bank
Besides accepting deposit the other primary functions of a commercial bank is advancing loans.
Granting Credit : Commercial banks lend money in the following ways.
(a) Loans and Advances : A specified amount is granted for a specified time period. The borrower may withdraw the entire amount in lump sum or in installments. However, interest is levied on the full amount of loan. Loans are generally granted against the security of certain assets or on personal gu...
Primary Functions of Commercial banks
Accepting Deposits is the primary functions of commercial banks and is the basis of its existence.
Without accepting deposits, a bank cannot execute any other functions and as such it is very important to understand the primary functions of commercial banks.
Merits and demerits of Cash Flow Statement
A cash flow statement is useful in short-term planning. A business firm requires sufficient cash to meet its various obligations in the near future. An analysis of different sources and applications of cash will enable the management to make reliable estimates about inflows and outflows of cash. On the basis of such estimates, management can plan out for investment of surplus cash or for meeting any cash deficit.
Cash Flow Statement
A cash flow statement is a statement showing changes in cash position of the firm from one period to another. It explains the inflows (receipts) and outflows (disbursements) of cash over a period of time. Inflows of cash may occur from sale of goods, sale of assets, receipts from debtors, interest, dividend, rent, issue of new shares and debentures, raising of loans, short-term borrowing, etc. Cash outflows may be on account of purchase of goods, purchase of assets, payment ...
Materials Budget Vs. Factory overhead Budget
After deciding the volume of sales and the volume of production, it is necessary to estimate the cost of producing the budgeted output. Cost of production comprises of materials; labor and overhead .A separate budget for each of these items is prepared.
Difference between a Budget and a Forecast
A budget needs to be differentiated from a forecast. A forecast is a statement of probable events. It is basis for preparing plans and budgets. A budget is generally evolved from the forecast. In this discussion basically we will try to drawn a line of difference between a Budget and a Forecast
G.Neil Promo Code / Discount Coupon Code. G.Neil Review.
Labor law posters can often change without notice but you can stop worrying with Poster Guard.
GNeil.com is offering $25 off on their Poster Guard Compliance Protection service. They will always provide new posters every time the law changes free of charge. G. Neil is certified by the Better Business Bureau and offers up to 60% off discounts on their products each month. G. Neil gives you the tools you need to stay ahead...
Receipts and payments Account
Meaning : Receipts and Payments Account is a summary of cash transactions appearing in the Cash Book. It is prepared at the end of the year from the Cash Receipts Journal and Cash Payments Journal. All the receipts and payments during an accounting period are included in it under suitable headings. For example, subscriptions received from members on different dates appear in the cash book but the total subscriptions received during the year appear in the Receipts a...
Types of Cost
Outlay Costs and Opportunity Costs
Outlay or actual costs are the costs which a firm incurs while producing or acquiring a product or service. These costs are recorded in the books of account. These are also known as acquisition costs or out of pocket costs. On the other hand, opportunity cost or alternative cost are the benefit from the second best use of the firm's resources which are foregone in order to avail of the return from the best use of resources. For example, a busine...
Income and Expenditure Account
Meaning : Income and Expenditure Account is a summary of all incomes and expenses relating to the current accounting year. It is prepared with the object of finding out the surplus or deficit of current incomes over current expenses. It is similar to Trading and Profit and Loss Account of a trading concern and is prepared in the same manner. Income and Expenditure Account is primed on 'accrual basis'. Income is a receipt of recurring nature and it is not meant for...
The evolution of the accounting standard process in the Philippines
Direct and Indirect Costs
Material, labor and other expenses which are directly or easily traceable to a product, service or job are known as direct costs. In the production of an article, materials are purchased, wages are paid to workers and certain other expenses are incurred directly. All these take an active and direct part in the manufacture of a product and are, therefore, called direct costs. These costs have a direct relationship with a product, process or department of the firm.
Classification of Assets and Liabilities
Proper classification of assets and liabilities is necessary as otherwise the Balance Sheet may fail to provide meaningful information. The various items of assets and liabilities in the Balance Sheet should be properly grouped.
Classification of Assets
Balance Sheet means a financial statement which sets out the assets and liabilities of a trading or non-trading organization as on a certain date. It is called Balance Sheet because it is a sheet of those ledger accounts which have not been closed by transferring to Trading Account and Profit and Loss Account.
Thus, Balance Sheet is a statement of the financial position of a concern on a given date.
How to prepare a Trading Account?
Let us now consider the individual items recorded in the Trading Account.
(i) Opening Stock : This means the closing stock of the previous year. In the first year of business there will be no opening stock. In a trading concern the opening stock consists of finished goods only. But in a manufacturing concern, it comprises raw materials, work in progress, and finished goods. Opening stock is the first item on the debit side of the Trading account.
The Trading Account and the Profit and Loss Account are prepared to ascertain the result of business operations (net profit or net loss) during a given period. Balance Sheet is prepared to know the financial position of the business at the end of the accounting period. These are collectively known as final accounts because these are prepared at the end of the accounting period.
Capital Expenditure Vs. Revenue Expenditure
The main points of distinction between capital expenditure and revenue expenditure are follows.
(i) Purpose : Capital expenditure is incurred for acquisition or erection of fixed assets to used in the business. On the other hand, revenue expenditure is incurred for the day-to conduct of business.
(ii) Earning Capacity : Capital expenditure increases the earning capacity of the business whereas revenue expenditure does not increase the earning capaci...
Revenue expenditure means the expenditure the benefit of which is exhausted within the current year. Such expenditure is of a recurring nature and does not result in the acquisition of permanent assets. Revenue expenditure is incurred for meeting day to day requirements of business. Revenue expenditure does not add to the earning capacity of the business but only helps in maintaining the existing earning capacity. All expenses incurred on day-to-day administration of a firm ...
Capital expenditure means the expenditure the benefit of which is not exhausted within the current year but is enjoyed over a long time period. Such expenditure is of non-recurring nature and results in acquisition of permanent assets. Property acquired with the help of capital expenditure is utilized by the business for a long time and thereby it earns revenue.
PNC Bank, Personal Account Review, money, paying, fdic, bill, phone, telephone, invest, deposit, personal account, bussiness, account, activity, checking, check, clearing
Procedures on how to Prepare a bank reconciliation statement
Compare and contrast the global financial crisis in 2007-2008 with the Asian financial crisis in 1997. Examine carefully the causes and the consequences of the two crises respectively. Briefly discusses economic policies that had been implemented to overcome the two crises by the United States and China.
Must know elements of bank reconciliation-bank statement balance,the book balance and reconciling items.
What you should know before adjusting journal entries and financial statements for your small business.
A review of Meat Costings Professional. A program deisgned specifically for retail butchers to aid with the pricing of their meat products after butchering.
Becoming a single-income family can be a tough transition. To make the most out of this lifestyle, plan on sticking to a budget and taking some steps to cut back on expenses.
Most trade unionists are reluctant to delve too deeply into the annual accounts of their companies. From time to time they will pick out figures in isolation, such as the wage bill or the profit or loss for the year.
The primary purpose of financial accounts and of the annual report of an enterprise is to give the board of directors an opportunity to justify its stewardship to the owners - that is, the shareholders. The major concerns of shareholders are profitability (opening up the possibility of adequate returns on their investment), and long-term growth in an asset values (showing the potential for capital gains on the sale of their shares).
There are certain things to be considered in order for you to limit your expenditures and avoid deficits, these are simple things to be done whenever you will go to shop.
Cheap Payday Loan
Loans For People With Bad Credit - A New Financial Hope for Bad Creditors are cheap payday loans
Are payday loans in now to secure the approval of the loan is to get to be quite easy for the poor creditors with the introduction of loans for people with bad credit? With this loan to the now adverse borrowers of credit also bottoms available without more expeditious effort can and like other creditors good.
We often find that the money consequences of any alternative occur over a substantial period of time such as a year or more. When money consequences occur in a short period of time, we simply add up the various sums of money and obtain a net result but can we treat money on same way when the time span is greater? Which would you prefer, $100 cash today or the assurance of receiving $100 a year from now?
Paychex Promo Code / Discount Coupon Code. Paychex Review. Paychex is a website that is perfect for business administrators looking for a way to administer paychecks to employees.
Paychex boasts one of the largest bases of clientele in the paycheck processing business with over half a million business partners.
Beyond just physical processing paycheck distribution, Paychex also handles tax information and information distribution, health insurance, 401(k) plan...
Financial accounting can be defined as the process to prepare financial reports on the enterprise to be used by both internal and external parties. Users of these financial reports include investors, creditors, managers, unions, and government agencies. Financial statements are prepared and presented for external users. These statements provide the firmÂ’s history quantified in money terms. Most of financial statements generally include: (1) the balance sheet; (2) the income statement; (3) th...
Intuit Credit Card Processing Promo Code / Discount Coupon Code. Intuit Credit Card Processing Review. Intuit Credit Card Processing is a Merchant Account Service that offers online credit card authorizations for small businesses. This service allows small business owners the opportunity to accept credit cards as form of payment for a low monthly fee. The service is online so transactions can be viewed and reports created instantly. Intuit will deposit the funds created by the transa...
Internal control is the general methodology by which management is carried on within an organization also any of the numerous devices for supervising and directing an operation or operations generally. Internal control is a basic factor operating in one form or another in the administration of every organization, business or otherwise.
The ten largest banks in the United States according to the Federal Reserve based upon assets under management.
Depreciation (like its related concept amortization) is an often-misunderstood term. In common usage it typically implies the reduction of value or function of a machine, property or device through wear-and-tear, decay, obsolescence, etc. As an accounting/finance term, however, depreciation is used to describe the spreading of an assetÂ’s cost over a set time-span.
Capital asset pricing model computation
PayPal vs Business Accounts