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.
Preliminary steps before commencing a Company Audit; Verification of Appointment, Verification of Memorandum, Verification of Articles, Verification of Prospectus, etc.
The objectives of an audit may broadly be classified as 1. Primary Objectives 2. Secondary objectives. Primary Objectives: The main purpose of audit is to judge the reliability of the financial statements and the supporting accounting records...
Audits are of two types namely optional or private audits and statutory or compulsory audits. Basis for this classification is legal requirements with regard to conduction of audit.
Accountants as in a Profession. A personal perspective.
Decentralization is not a new concept under the New Government Accounting System of the Philippines (NGAS). This has been in practice in the regional offices and operating units long before the adoption of the Integrated Reorganization Plan (IRP), PD No.1 by the National Government.Decentralized...
This article touches on how globalization affects current and future United States accountants and students.
What is the cash break even point for your business? How do you calculate the break even point? And how do you lower your cash break even point?
Basic Terms used in Accounting, basic accounting terms, Profit and Loss Statement, Balance Sheet. Accounting Equation, Assets, Liabilities, Capital, Sales. Expenses and Revenues. Expenditure. Loss, Income and Profit, etc.
As per companies Act, 1956 there no prescribed performa for the preparation of Profit and Loss Account. But the information and particulars are to be present in the Profit and Loss Account are laid down in Schedule VI Part II of the Act. Various...