Balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by...
Accounting is a system by which financial information is identified, recorded, analysed, summarized, and reported for the use of decision makers. Put simply, accounting is the language of business. An accounting system tracks down all the financial activities of an organization (whether it’s the great...
A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at the point of retail sale. The amount of VAT that the user pays is on the cost of...
In our society today, computer technology plays an important role in many form of business, especially in the field of accounting. As technology advances, not only does the use of computers penetrates individual’s everyday life, it also helps to mange and improve many business operations...
The set of rules that governs the field of accounting are known as accounting principles. Accounting principles are conventions that provide a framework for accounting, book keeping, and financial reporting. These principles are essential for businesses preparing their financial statements. For reporting purposes, both internal...
Two-Part Financial Strategy Reading personal finance books can be useful to help you customize a strategy that is relevant to you, your financial data, and your goals. One tip we came across is the two part strategy of constantly focusing on reducing your monthly debt...
There are 7 types of accounting which is government accounting, forensic accounting, cost accounting, auditing, tax accountant, financial accounting and management accounting. Made-to-order essay as fast as you need it Each essay is customized to cater to your unique preferences + experts online Get my...
The government uses the money it gets from taxes to pay for things. For example, taxes are used to pay for people who work for the government, such as the military and police, provide services such as education and health care, and to maintain or...
On the backdrop of high profile accounting frauds and misstatements, Sarbanes – Oxley Act (SOX) was introduced in 2002 with an intended goal to make corporate accounting more transparent. Security Exchange Commission (SEC) was handed the enforcement responsibility and a new oversight body was formed...
A cashless economy is one in which all the transactions are done using cards or digital means. The circulation of physical currency is minimal. A Cashless Society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes...
Career development plans are very important when it comes to a successful career. If you are an accounting clerk, your career development goals can be quite specific because in this type of job, you need to have a mind for details and numbers and it...
Access the internal control of Shangri-la company Internal control is defined as Systematic measures that been used by accountant and auditor to make sure the goals is achieved, conduct the business in efficient matter, safeguard of asset, to ensure that rules and regulation is being...
Throughout our class lectures, our textbook, and in the article titled Governmental Accounting Standards Board’s Why Governmental Accounting and Financial Reporting Is-and Should Be-Different, we the students were given five environmental differences between governments and for-profit business enterprises. The five environmental differences as follows: organizational...
The Generally Accepted Accounting Principles, or GAAP, are the accounting principles, standards, and procedures employed by companies in recording their financial statements (“Comprehensive guide…”, 2018). This principle is used to make sure that investors keep a consistent level of financial statements when trying to figure...
An audit opinion is a verification that accompanies financial statements based on an audit of the accountant’s opinion of the procedures and records used to provide the statements whatever of whether the financial statements have exist material misstatements. There are four types of audit opinion...
Entrepreneurship has got to be the most rewarding and riskiest of all money-making activities. Sure, you can have stability with a job, but do you earn the same amount of cash as Bill Gates does? However, you have to know that businesses require you to...
The AASB in 2004 released a 106 pages accounting standard relating to impairment of assets. The AASB 136 is applicable to the annual reporting on or after 1 January 2005. The key feature of the AASB 136 is that it will replace the accounting standard...
Accountability is an important part of the educational system in the United States. Accountability is about assigning a responsibility to conduct activities in a certain way or to produce specific results (Hoffer, 2000). The concept applies to almost everyone involved in the educational system. Teachers...
The Accounting Cycle is a combination of processes that occurs at various periods throughout a designated time period. The time period can be weekly, monthly, quarterly, semi-annually, or annually, based on the needs of the organization or company for which the accounting cycle is being...