by admin | Jun 26, 2021 | Accounting Articles
Top 55 balance sheet keywords are available below 1. Account Receivables 2. Account Payables 3. Accrual 4. Asset 5. Accumulated Depreciation 6. Bank Account 7. Bank Overdraft 8. Bill Payable 9. Cash and Cash Equivalents 10. Computer Software 11. Copyrights 12. Current Asset 13. Current Liabilities(within 1year) 14. Current tax payable( Unpaid Tax) 15. Customer Lists. 16. Deferred tax 17. Development Cost 18. Dividend payable(Unpaid Dividend) 19. Equity 20. Furniture and Fixtures 21. Goodwill 22. Intangibles Noncurrent Asset 23. Inventories 24. Investments in Associates 25. Investments in Equity Instruments 26. Land and building 27. Liabilities 28. Long-term Asset. 29. Long-term Borrowings 30. Long-term Provisions 31. Mortgage Payable 32. Motion Picture Firm 33. Net Assets 34. Net Worth 35. Non-Controlling Interest 36. Non-current Liabilities (over one year) 37. Non-current Asset 38. Notes Payable 39. Other Components Equity 40. Other Current Assets 41. Other Intangible Asset 42. Patents 43. Prepaid 44. Property, Plant and Equipment 45. Retained Earnings 46. Salary Payable 47. Share Capital 48. Share part of Long Term Borrowings 49. Short Term Borrowings (Short-term debt) 50. Short term provisions 51. Tangible Non-current Asset 52. Trade Mark 53. Total Assets 54. Total current liabilities 55. Total Non-current liabilities Top 55 balance sheet keywords listed above is for our...
by Ojeaburu Friday | Jun 22, 2021 | Accounting Articles, AUDIT AND ACCOUNTING FIRMS, Careers
Top 35 source documents? Top 35 Source documents: these are the first source of information from which the accounting books are prepared. A source document is the document in which data for a transaction is collected. This is the supporting document that is used when recording journal entries for transactions. It is a document that serves as the proof or source of the transaction. Examples of Top 35 source documents are mentioned below: Purchased order: purchase orders are sent by the buyer to the vendor first, and they outline exactly what the order should contain and when it should arrive.Sales Invoice: this is made for account receivables. When an item is sold the seller will issue a document providing all the details of the sale.Purchase Invoice: this is made for account payables. What the seller enters as sales invoice, the buyer will enter it into their system as a purchase invoice.Debit note: this is evidence of reduce in purchases. In customer books, debit note reduces how much they owe to the seller. This support purchases return journalCredit note: this is evidence of reduce in sales. In supplier’s books, credit note reduces the amount owed by the customer. This support sales return journalCheque: A check (cheque) is a special bank note that represents the cash that is being paid by the customer.Revenue receipt: this is used to record the receipt of cash. A receipt is proof that the payment has been made, which is a good idea when paying cash.Cash register receipts: this is a business paper that lists the money coming in from customers.Bank advice: They are debit or credit bank advice. Bank credit advice is bank documents informing the business...
by Ojeaburu Friday | May 30, 2021 | Accounting Articles
There are basic assumptions which underline the preparation of financial statements of business enterprise. There are stated below: Going concern concept: accounting assumes that the business will continue to operate for a long period of time. In other words, it means continuity in business or Continuity Assumption. The continue preparation of financial statement in accordance with International Financial Reporting Standard (IFRS) is an evidence of going concern. Even the auditor may also carry out investigation see that the going concern is intact. Example of going concern is prepayment and accrual of expenses. The company accept these expenses because they believe the business will continue to run. If for example any part or section or department or product line is discontinue, it does not means there is no longer a going concern. Going concern is for the entire company. During Covid19, a lot of companies had financial issues and were unable to pay their obligation. Various government gives those companies a bailout and a guarantee of all payments to creditors. The companies are a going concern despite of its current weak financial position. But if government imposes a restriction on the manufacture of a certain goods and service for the period say 1 year. Then the company will no longer be a going concern since they might not be able to sell any product. 2. Entity concept: This accounting concept separates the business from its owner. Meaning the business is a legal entity. It can sue and be sued. It also means the owners of a business are limited to how much he has invested not his personal resources. So...
