The balance sheet is a fundamental accounting report and forms the basis for many other reports. A balance sheet is a financial “snapshot” of your business at a given date in time. It includes your assets, liabilities, and your business’s net worth (also known as equity). The balance sheet will tell you about the financial health of the […]
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In an accountant’s reporting systems, depreciation of a business’s fixed assets such as its buildings, equipment, computers, etc. is not recorded as a cash outlay. When an accountant measures profit on the accrual basis of accounting, he or she counts depreciation as an expense. Buildings, machinery, tools, vehicles, and furniture all have a limited useful […]
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This article deals with a brief overview of some of the differences between financial accounting and management accounting systems. But first, let us understand what accounting is. What is accounting? Accounting may be defined as a system of collecting, summarizing, analyzing, and reporting in financial terms, information about a business organization. The business accounting as […]
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Whether you’re a self-employed contractor or a big business, there are huge benefits to be had from using professional accountancy services. While it’s true that they will cost you money, your own time also has a monetary value – any time you spend doing your own accounts is time that you can’t devote to your […]
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It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But there are often circumstances that disrupt the cycle, and it’s part of the accountant’s job to report these as well. Changes in the business climate, or cost of goods or any number of […]
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There is an increase in demand for knowledgeable CPAs all over the world. When you say knowledgeable, the accountant must know how to perform various duties like bookkeeping, tax preparation, company audits, and even project management. The demand for the best CPAs in different industries is due to the updated laws, business practices, and the […]
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There are times when you suddenly feel that there is a need to change your career path. If you are not satisfied with your present work, you have to decide the right career path to take. Life is too short and you should be doing a work that you truly love and enjoy. There are […]
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Trends change for a reason and more often than not, the reason is because the change is for the better and has a number of advantages. The latest trend these days is outsourcing accounting services. This trend is here to stay, because of the convenience and benefits it has to offer. Accounting is an important […]
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The Chartered Institute of Supply Management is an international procurement body with the main aim of creating, educating and building procurement professionals all over the world. CIPS uses its platform mainly to train procurement professionals. It has six main levels. For one to qualify to study CIPS, you need a high school diploma or a […]
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Are you taking up an accounting course or are you already a graduate of accountancy? It doesn’t really matter whether you’re a student or a full-pledged accountant; you need to have an accounting dictionary with you. You can even treat it like a bible. You see, one can’t possibly memorize all the accounting terms. Students […]
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