As the business global community evolves so does the Accounting field. Becoming familiar with international standards of accounting is a must for every accountant. Embrace new knowledge and enhance yo
Accounting Methods Explained Newsletter
Accounting Methods Explained Newsletter - gives accounting tips, explains book-keeping and financial statements, explains how to analyse inventory, manage debtors and maintain a healthy working capital
After the Fact Controls or Real Time Controls
Improper segregation of duties triggers fraud. Internal controls should exist for each transaction cycle: Sales,
receivable & cash receipts cycle, puchases, payables and cash disbursements cycle, inventory and production cycle, personnel and payroll cycle, property, plant and equipment cycle.
Management of the most liquid of assets, cash, is a concern for management and accountants. No only because it implies safeguarding cash and ensuring its accuracy. Cash management requires appropriate internal control in place. First, we need to identify what constitutes cash.
Forex and Its Accounting and Fraud Impact
Victims of Foreign Exchange (FOREX) transactions fall in a trap setup by fraudsters who promise high returns.
Forming a Corporation? Think Twice
Forming a corporation brings rewards. A corporation is a sophisticated legal entity. The dilemma is then: Should I stay as a sole proprietorship entity or should I incorporate my business? The trade-off could be worth the risk for some, however, think twice before taking the leap of faith.
Penetrating international markets requires careful analysis of foreign currency repercussions, comparative advantage of trade, barriers or tariffs to international trade, and legal and ethical issues.
Manipulation Affects Investors
The Securities and Exchange Commission, SEC, defines manipulation as intentional conduct designed to deceive investors by controlling or artificially affecting the market for a security. Avoiding manipulations means being aware of schemes to deceive investors.
Recordkeeping 1 2 3
As an accountant you assist small businesses with the recordkeeping. Having the proper documents in place is crucial for setting forth the basis for a great accounting system
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Several internal control procedures are common to most transaction cycles. Analyzing the internal controls of each transaction cycle is better achieved through the cycle approach, which combines different similar transactions with the ledger balance.
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