Money Is The Lifeblood of Your Business!

Money Is The Lifeblood of Your Business!

[Caleb Ho] Adam Khoo is Singapore’s most well-known personal development trainer and entrepreneur extraordinaire. A a self-made millionaire at age 26, Adam shares the secret of building multi-million dollar businesses. — A business without enough money is like a human being without blood or a jet plane without fuel. It is an essential resource your business needs…

The Imprest System

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…

12 Essential Accounting Concepts You Need to Know for POA

12 Essential Accounting Concepts You Need to Know for POA

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…

The Accountant’s Story : Inside the Violent World of the Medellín Cartel

The Accountant’s Story : Inside the Violent World of the Medellín Cartel

“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… ”

Explain the difference between gross profit and net profit

Explain the difference between gross profit and net profit

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…

What Is The Difference Between Accruals And Deferrals?

What Is The Difference Between Accruals And Deferrals?

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…

Revised ICPAS Code of Professional Conduct and Ethics

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…

Who uses forensic accountants?

Who uses forensic accountants?

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…