The purpose of accounting is to provide a systematic and comprehensive recording of the financial transactions of a business or organization.
Management report, which means a report in accounting is a document that provides detailed financial information and analysis to help management make decisions about the business.
Definition If fixed assets are purchased to generate business income, it was extended useful life and cannot be readily converted into cash shortly, so will be considered a fixed asset.
The disposal of a fixed asset refers to the process of removing a long-term asset from the company's asset due to selling, scrapping, donating, or written off the asset.
A prepayment is the settlement of a debt or installment payment before its official incurred to date.
Bank reconciliation is a method of closely comparing your company's records with the actual bank statement. This process involves checking both sets of records to ensure they align and match accurately.
An accrual allows the company to record expenses for which it expects and should pay for the services rendered / goods received during the current reporting period and to be paid in the future.
Hire Purchase (HP) is a financial arrangement that allows an individual or a business to acquire an asset by paying for it in installments over an agreed-upon period. It is a type of installment purchasing where the buyer pays for the asset in regular installments, and ownership is transferred to the buyer once the final payment is made. The asset serves as collateral for the agreement, which means that the buyer does not own the asset outright until the last installment is paid.
Cost of sales, often referred to as Cost of goods sold (COGS) represents the direct costs associated with the production of goods that a company sells.
When documents are ready to pass to the accountant for updating, to ensure accurate updates to the accounts, it is advisable to maintain the following documents, whether in electronic or hard copy format
Account finalization is the process of preparing and presenting the financial statements of a business at the end of a financial year. It involves reconciling all accounts, making adjustments, reviewing and analyzing the results, filing tax returns, and complying with regulations.
Accounting software is a key player in simplifying financial tasks, boosting workplace efficiency, minimizing mistakes, and maximizing profits. Three noteworthy options in this realm are Xero, Autocount, and SQL.
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