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The Imprest System is a system for controlling petty cash. The person petty cashier is given an amount in advance of expenditure. This amount also known as the “float.” Under the Imprest system, the chief cashier replenishes the cash such that the petty cash box always has the same amount of float at the start…
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PURPOSE Accounting principles or concepts are set up to ensure all business standardise accounting definitions, assumptions and methods when recording transactions in the business Accounting concept Definition Frequently tested in Materiality Concept Requires the disclosure of information which is deemed to be material in accounting reports. Information is deemed to be material if it has…
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“I have many scars. Some of them are physical, but many more are scars on my soul. A bomb sent to kill me while I was in a maximum security prison has made me blind, yet now I see the world more clearly than I have ever seen it before. I have lived an incredible adventure. I watched as my brother, Pablo Escobar, became the most successful criminal in history, but also a hero to many of the people of Colombia. My brother was loved and he was feared. Hundreds of thousands of people marched in his funeral procession… ”
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Gross Profit is calculated by deducting the cost of goods sold from the net sales figure. The calculation of the gross profit takes place in the trading account. Net Profit – the excess of gross profit over expenditure. it is calculated in the profit and loss account by deducting all business expenditures from the gross…
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Accrual—accrual-basis recognition precedes (leads to) cash receipt/expenditure Revenue—recognition of revenue earned, but not received Expense—recognition of expense incurred, bill not paid Deferral—cash receipt/expenditure precedes (leads to) accrual-basis recognition Revenue—postponement of recognition of revenue; cash is received; but revenue is not earned Expense—postponement of recognition of expense; cash is paid; but expense is not incurred A deferral postpones…
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With effect from 1st August 2009, Singapore public accountants must adhere to an enhanced Code of Professional Conduct and Ethics. Following ICPAS Council’s approval on 19 May 2009 and in tandem with ACRA’s issuance of its enhanced code today for public accountants and effective from 1 August 2009, members of the Institute of Certified Public Accountants…
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Bank Loan or Bank Overdraft? What’s the difference? How does it affect my Profit and Loss Account and Balance Sheet?
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Forensic accounting financial investigative specialists work with financial information for the purpose of conveying complicated issues in a manner that others can easily understand. While some forensic accountants and forensic accounting specialists are engaged in the public practice of forensic examination, others work in private industry for such entities as banks and insurance companies or…
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Whose Line Is It Anyway? – Accountant Songs DREW: Welcome back to “Whose Line is it Anyway?”, the show where everything is made up and the points don’t matter. Uh, I don’t know how many points to award because during the commercial I was taking off my pants. (Dances in his seat. Colin gives him…
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Despite global support for the fundamental rights of women and men to participate equally in decision-making, women are still poorly represented at the higher levels of decision-making in both public and private sectors. The 21st century corporate world needs to recognise that the optimisation of women’s talents will boost business performance.
Program Coordinator
I will be back soon
