Debits and credits can be very confusing when we are first introduced to them. This will give you a clear, basic understanding of the concept.
Great budgeting tips and a free accounting template.
The accounting equation is the foundation for the double entry accounting system where debits must equal credits. Before we look at accounting entries we need to understand the accounting equation.
The liabilities of auditor can be classified as liability under optional audits and liability under statutory audits.
The Commission on Audit (COA) under the 1987 Constitution of the Philippines, prescribed the adoption of the New Accounting System for the Barangay that was implemented beginning the fiscal period, 1987.
The accounting plan is a set of rules and modalities which enable someone to perform accounting tasks. It follows that each business has its accounting plan which derives from the general accounting plan.
Different authorities defined the subject of ‘Accounting’ in different ways. So it is difficult to define the subject through a single definition. Let us look at some of the prominent definitions: American Accounting Association defined...
The shift to the New Government System was made in response to conformity with the International Accounting Standard, computerization, generation of financial statements and for agency monitoring.
The word 'Audit' is originated from the Latin word 'audire' which means 'to hear'. In the earlier days, whenever there is suspected fraud in a business organization, the owner of the business would appoint a person to check the accounts and hear...
Characteristics of Accounting Information System. Accounting information must possess the characteristic of reliability, relevance, understand-ability and comparability. Accounting Articles