Bycalebho
Students are often confused about the difference between carriage inwards and carriage outwards. This article demystify the aura of ambiguity around it and the correct accounting treatment to these accounts.
Bycalebho
Sole Proprietorship A sole-proprietor is a person who owns a sole-proprietorship business that is registered with the Accounting and Corporate Regulatory Authority (ACRA). A self-employed person is a person who earns a living by carrying on a trade, business, profession or vocation. A sole-proprietor/self-employed person do not report to a boss, because he is his…
Bycalebho
The Accounting and Corporate Regulatory Authority (ACRA) lists the recognised professional qualifications for registration as a public accountant. To be practicing Certified Public Accountant (CPA) in Singapore, an applicant must at the time of his application for registration (a) have passed the final examination in accountancy of one of the following: (i) the Singapore Polytechnic…
Bycalebho
It might seem obvious, but in managing a business, it’s important to understand how the business makes a profit. A company needs a good business model and a good profit model. A business sells products or services and earns a certain amount of margin on each unit sold. The number of units sold is the…
Bycalebho
Most audit reports on financial statements give the business a clean bill of health, or a clean opinion. At the other end of the spectrum, the auditor may state that the financial statements are misleading and should not be relied upon. This negative audit report is called an adverse opinion. That’s the big stick that…
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Investors calculate the acid test ratio, also known as the quick ratio or the pounce ratio. This ratio excludes inventory and prepaid expenses, which the current ratio includes, and it limits assets to cash and items that the business can quickly convert to cash. This limited category of assets is known as quick or liquid…
Bycalebho
Independent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business’s accounting system and methods and gives a report that is attached to the company’s financial statements. Publicly owned businesses are required to have their annual financial reports audited by independent CPA firms and any…
Bycalebho
There are many different careers in the field of accounting ranging from entry-level bookkeeping to the Chief Financial Officer of a company. To achieve positions with more responsibility and higher salaries, it’s necessary to have a degree in accounting as well as achieve various professional designations. One of the primary milestones in any accountant’s career…
Bycalebho
An accountant is a practitioner of accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions. Accountants are vital business assets. They play a key role in commerce, industry and organizations large and small. Accountants often carry fancy…
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