Archive about 'Others'

Revision Notes On Incomplete records

Understand What Is Incomplete Records:

Incomplete records - is the term used for any system of bookkeeping which does not use full double entry.

Generally applies to small business whether incorporated as Sole Proprietorship or Partnership. For them, generally a simple cash book to record receipts and payments may be enough instead of the proper accounting system [...]

Difference Between Financial Accounting And Management Accounting

This article seeks to explain the main difference between financial accounting and management accounting.

DIFFERENCE NO 1:

Financial accounting

Management accounting

Principal objectives

Stewardship of business for benefit of shareholders

Seek to improve economy, efficiency and effectiveness of operations

As we know Financial accounting mainly focus on periodic reporting of accounting information, as [...]

Careers In Accounting: A Survey Of The Top Ten Most Important Work Activities Performed by Accountant

Do you know that Accountants whether he or she is a Financial or Management Accountant can contribute a lot to the organization? There are many critical tasks that can be performed by the aspiring Accountants which are tabulated below:

Top Ten Most Important Work Activities Performed by Accountants

1.   Accounting systems and Financial Reporting

2.   Long-Term strategic planning

3.   Managing the [...]

Revision Notes: Financial Statements

Revision Notes on Financial Statements:
Salient points:

1.  Understand WHO reads the financial statement

        Equity Investor group, loan creditor group, employee group, analyst-adviser group, business contact group, government and public group

2. Understand the users’ PURPOSE of reading the financial statement

        Assess the stewardship of management on the use of the economic resources controlled by the enterprise.
    [...]

Revision Notes: Adjustments To Trial Balance

Revision Notes: Adjustments To Trial Balance
 
Salient Points:

1. Understand WHAT are adjusting entries:
 

Are journal entries made at end of month or year in order to match all expenses in the current month/year against the revenue associated to them;

 

Based on Matching concept

 

3. Understand HOW MANY GROUP of adjusting entries:

Deferrals

Accruals

3a. Deferrals:

Expenses deferrals/prepaid/prepayments like insurance, rental prepaid

Depreciation

Revenue Deferrals [...]

Humor

More Humor
Refer to numerous humors articles from humor section of my other accounting blog.

Humor: Heaven & Hell……..which to you choose?
While walking down the street one day a US senator is tragically hit by a truck and dies.
His soul arrives in heaven and is met by St. Peter at the entrance.
“Welcome to heaven,” says [...]

The Difference Between Financial Accounting and Management Accounting

This article is useful for those who would like to know a little more of the difference between Financial Accounting and Management Accounting.

Financial Accounting

Management Accounting

Prepared more for  external parties.

Prepared specifically for internal management uses.

Subjected to GAAP

No Need.

Mainly on historical events like reports on past events on how income was earned, financial [...]

A Listing Of Accounting Bodies

Append below a listing of Accounting Bodies for those who are interested to visit their sites:- 

INTERNATIONAL PROFESSIONAL ACCOUNTANCY BODIES:

International Federation of Accountants (IFAC)
- an organization which represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession.
- an organization which [...]

A Listing Of Accounting Bodies

Append below a listing of Accounting Bodies for those who are interested to visit their sites:- 
INTERNATIONAL PROFESSIONAL ACCOUNTANCY BODIES: 
International Federation of Accountants (IFAC)
- an organization which represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession.
- an organization which [...]

Career In Accounting : Changing Role Of The Accountant ( Part 9 )

Changing Role Of The Accountant

In this modern IT era, computers are forcing Accountants to change the nature of their work. This is because:

Computerized accounting packages reduce the amount of tedious manual work associated with data management and recordkeeping and

Computers [...]