By Michael Russell
There are three major functional areas in accounting, which need to be considered in modern day accounting for any business. The three are financial, cost and management accounting.
The first area, namely financial accounting, is primarily useful for ascertaining the results of the business on a periodical basis; for example, one year. […]
By Ajeet Khurana
If one were to reduce business to the simplest terms, one would probably call it the selling of goods by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a tab while doing business, money has to change hands during the course of […]
By Anil_Kumar_Gupta
The steps are as follows:
1. Ignore opening and dosing cash and bank balances appearing in receipts and payments account.
2. Eliminate all items of capital receipts and payments.
3. Ascertain income of the relevant year by deducting from the total receipts the income received on account of previous and future years and by adding the income […]
By Tara Dipalma
I know you’ve heard it time and time again, in order to manage your finances you need a budget. Everybody knows this is true and still not everybody budgets, knows how budget or knows exactly where to start.
First things first, a budget is a tool it can be as simple or as complex […]
