Accounts & Audit
WHAT IS THE VALUE OF LIVE INFORMATION TO ACCOUNTANTS
Live information, also known as real-time or up-to-date information, is highly valuable to accountants for several reasons:
Timely Decision-Making:
Accurate Financial Reporting:
Risk Management:
Budgeting and Forecasting:
Cash Flow Management:
Audit and Compliance:
Performance Monitoring:
Cost Control:
Efficient...
Accounts & Audit
ACCOUNTING POLICIES AND NOTES
Accounting policies are the rules and guidelines chosen by an enterprise for use in preparing & presenting its financial statements. Accounting policies are...
Accounts & Audit
Charts of Accounts for Profit and Loss Account
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general...
Accounts & Audit
Letter of Credit
A letter issued by a bank to another bank as a guarantee for payments under the specified contract between the buyers and the sellers.
The...
Accounts & Audit
Simple Credit Journal Entries
https://youtu.be/43G695EpPJA?list=PLlSwHl0oss59H9l5uJZi701sYbAshI7Tt
Credit transaction means any transaction by the terms of which the payment for business transaction is to be made at a future date.
For credit...
Accounts & Audit
Simple Journal Entries
https://youtu.be/WyCE12iRPC4
Journal Entry
In the age of manual accounting system, business transactions are first noted in a Journal Book. The journal entries are punched in a...
Accounts & Audit
Thumb Rule for DEBIT CREDIT
https://youtu.be/SiEvky-i2ko
Firstly, you need to identify number of accounts involve in the particular transaction. After identifying account involve in business transaction, you must debit one...
Accounts & Audit
Journal Entry for Guarantee
Journal Entry of Guarantee
An undertaking in writing for performance of another person or obligation in case of default by person primerly responsible for act.
Guarantee...
Accounts & Audit
List of Resolution for which MGT-14 requires to be filed
The Resolutions for which MGT-14 has to be filed can be categorized in the following three categories:
1 Board Resolutions
2 Special Resolutions
3 Ordinary Resolutions
List of...
Accounts & Audit
Financial Statement Analysis & Interpretation – [Part –I]
Financial Statement Analysis & Interpretation –
Financial Statement Includes:
Trading & Profit & Loss Account; which gives the result of year’s...
Accounts & Audit
ACCOUNTS PAYABLE (AP) PROCESS FLOW:
The AP process starts once the need for any material or service is identified at the production department or any...