Account & finance
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1. Solicitors and other professional service providers typically use a cash-based accounting system rather than an accrual-based system due to the nature of their business transactions being primarily cash-based with little credit involved. 2. Under the cash system, only actual cash received and paid is recorded, while the accrual system records both cash and credit transactions along with expenses due but not paid and income due but not received at the end of the financial year. 3. A solicitor maintains separate bank accounts for client funds and their own funds to avoid commingling. They also keep detailed records of all money received and paid on behalf of clients as well as work completed to prepare bills.
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to decision makers in the form of financial statements.
6. accounting cycle accounting workbook-zaheer-swati
Bookkeeping should not be confused with accounting or accountancy. Persons with little knowledge of accounting may fail to understand the difference between these terms and often used to mean the same thing. Therefore, it is useful to make a distinction.
Basics of accounting
Introduction, Accounting as an Information System, Branches of Accounting, Meaning of Financial Accounting, Users of Accounting Information- GAAPS- Basic Concepts and Conventions- Accounting Standards issued by ICAI and IFRS issued by IASB- Manual Vs Computerized Accounting.
Es h.m160748246-principle-of-accounting-doc
This document provides an overview of key accounting concepts:
1) Accounting is an information system that records and reports on economic events of an organization to internal and external users.
2) Key concepts include the double-entry system, transactions, journals, ledgers, trial balances, and the accounting equation.
3) The accounting process involves identifying, recording, and communicating transactions and other financial information in the form of financial statements and reports.
Accountingformanager-05-06.03.2022-question.pdf
The document provides an overview of accounting concepts and principles for an MBA course. It defines bookkeeping and accounting, explains the double-entry system of bookkeeping, and covers key accounting concepts like the accounting equation, revenue and expense recognition, and accounting conventions like materiality and consistency. It also provides examples of journal entries and how to record transactions in ledger accounts.
Accounting principles 1
This document provides an overview of accounting principles for a group assignment. It discusses the basic concepts of accounting including the accounting equation, types of accounts, the accounting cycle, and users of accounting information. It also briefly describes common types of business entities in Malaysia including sole proprietorships, partnerships, and limited companies. The group members for the assignment are listed.
Basics of accounting-interview questions
This document provides an overview of basic accounting concepts and processes. It defines accounting as identifying, measuring, and communicating economic information to users for decision making. The key accounting processes described are collecting documents, posting journal entries, creating ledger accounts, preparing trial balances, making adjustments, and generating financial statements. Systems of accounting such as cash-basis and accrual-basis are also outlined. The document further explains accounting classifications, rules, equations, accounts, books, and financial statements.
Basic Accounting Concepts
The document defines accounting and summarizes key accounting concepts. It defines accounting as the process of identifying, measuring, recording, classifying, summarizing, communicating, and interpreting economic information. The key functions of accounting include recording transactions, preparing financial statements, and interpreting results to help users make informed decisions. Financial statements like the balance sheet, income statement, and statement of cash flows are the main output of the accounting process.
1 Tally erp 9 tutorial with shortcut keys
1. Accounting is the process of identifying, recording, and reporting economic information to help decision makers. It provides financial statements to various stakeholders like suppliers, customers, banks, and owners.
2. There are three types of accounts: real accounts for assets, personal accounts for persons, and nominal accounts for income and expenses. The double entry system records each transaction with a debit and credit entry.
3. Financial statements like the trading account, profit and loss statement, and balance sheet are prepared at the end of an accounting period to show the profitability and financial position of the organization.
Basic financial statements
Financial statements are used by companies to communicate financial information to outsiders. The three main financial statements are the income statement, balance sheet, and statement of cash flows. They summarize key financial information like revenues, expenses, assets, liabilities, and cash flows in a standardized format that allows for analysis and comparison. Together, the three statements provide a comprehensive overview of a company's financial performance and position.
Basic Accounting Theory
1. The accounting process involves recording business transactions in journals and ledgers, preparing a trial balance to check for errors, and using the trial balance to create final accounts including a trading account, profit and loss account, and balance sheet.
2. Generally Accepted Accounting Principles (GAAP) provide uniform rules and guidelines for recording and reporting business transactions to standardize financial statement preparation and presentation.
3. Key accounting concepts include the business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, full disclosure, consistency, conservatism, materiality, and objectivity concepts.
Introducttion to accounting (1)
This document provides an introduction to accounting presented by Mr. Akshay M. Kasambe. It defines accounting as identifying, measuring, recording and communicating the economic events of an organization. The objectives of accounting are to maintain proper business records, calculate profit and loss, depict the financial position, make information available to users, and comply with legal requirements. It also discusses the limitations of accounting and the three main branches: financial accounting, cost accounting, and management accounting.
Tally erp9.0
Tally.ERP 9 is a comprehensive, flexible and easy-to-use accounting software that provides real-time processing and instant reports. It allows users to set up and manage multiple companies with integrated inventory and accounting features. Tally.ERP 9's key advantages include no accounting codes, speed, power, flexibility, multi-lingual capability and versatility for organizations of all sizes.
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- 2. ACCOUNTING & FINANCE -2
- 3. Methods of keeping Accounts 1.Cash system 2.Mercantile system Solicitor’s account Books of Accounts of A solicitor
- 5. No notice is taken of income due but not received or expenses due but not paid.
- 6. In cash of professional person, most of the transactions are cash transactions and moreover they have neither time nor need for maintaining accounts on elaborate mercantile system.
- 8. In this method both cash and credit transactions are dully recorded in the books of accounts.
- 9. At the end of the financial year all expenses due but not paid and those paid in advance are given .
- 11. The position of a Solicitor is that of trustee. He keeps two bank account. one for his own money and other for client’s money at the end of financial year the b/s of both the bank account would appear on assets side of b/s
- 13. There must be a system record of the work done on behalf of clients. From which the bills of costs can be prepared.Books of accounts of a solicitor