ABOUT ACCOUNTING HOME

accounting job degree training and books are available in accounting home. you can visit this blog site and learn more details about accounting.If you are a business background student, you can read this magazine everyday.It is very helpful for all students.There are many many books, you can read it.Otherwise it has an accounting school.You can join this school and learn more.It will increase your knowledge about accounting. Accounting is a very interesting subject. Anybody can increase his  abalitly to learn accounting from here. <a...

Read More

ACCOUNTING JOB, DEGREE, TRAINING, BOOKS AND ACCA/FIA TUSION

After completing your S.S.C/ H.S.C you can join for FIA qualification anytime of the year. FIA qualification is a route to study ACCA. ACCOUNTING HOME will provide you the best quality tuition's. Computer-based exams (CBEs) are available for the first seven Foundation-level exams papers and one exam of skill-level. If you want to study ACCA after completing your SSC or HSC, don't be confused.You can start ACCA after SSC or HSC.Just you should try from your level to adjust with it.But you should take proper guideline and tuition from a tuition...

Read More

CURRENT ASSET

 Current asset is an item of assets on an entity's balance sheet that is either cash, a cash equivalent, or which can be converted into cash within short time.Actually it  is converted into cash within one year.It is presented into company's statement of financial position. Examples of current assets are:     Cash     Investments     Prepaid expenses      receivable     Inventory A current asset is normally first written  on a organisation's income...

Read More

STATEMENT OF CASH FLOW

Revenue or expense  that changes a cash account over a  period of time. Cash inflows usually generated from one of three activities -first  financing, second operations or last investing activities. although this is also occurs as a result of  gifts or donetion in the case of personal finance. Cash outflows result from expenses or investments from organisation. It is also called the "statement of cash flows", that shows the amount of cash generated and used by a organistion's in a given period of time. It is calculated by adding...

Read More

COMPANY'S INCOME STATEMENT

The income statement is one kind of major financial statements which is used by accountants departments and business owners.  The income statement is referred to as the profit and loss statement , statement of operations, or statement of income. It is a summary of a management's performance as reflected in the profitability of an organization over a certain time of period.  It is based on a fundamental accounting assumption, Income = Revenue - Expenses and shows the rate at which the owners equity is changing for better or worse. Along...

Read More

EVENTS AFTER THE REPORTING PERIOD

IAS 10 discuss Events after the Reporting Period contains requirements when an entity should adjust its financial statements for events after the reporting period and the disclosures note that an entity should be given about the date when the financial statements were authorised and about events after the reporting period(the latter being disclosed where material). December 2003 IAS 10 was reissued and applies to annual periods beginning on or after 1 January 2005. Event after the reporting period: It is an event, which could be favourable or...

Read More

FINANCIAL ACCOUNTING AND CONCEPT

Actually Financial Accounting is a skills and concepts .It provides the message that is needed for sound economic decision making. The main objectives of financial accounting is to prepare the financial reports that provides messages about a organisations performance to external audience such as investors, creditors, and tax authorities,shareholders. On the other hand, it is also performed according to Generally Accepted Accounting Principles or GAAP method.Actually businesses have two primary objectives:   1. Earn from profit   ...

Read More

PAYABLE ACCOUNT

When a organisation purchases goods or services in advance of paying for them, we will say that the company is purchasing the goods or service   on credit term. The supplier (seller) of the goods on credit is also recognised to as a creditor. If the buyyer receiving the goods does not sign a promissory note, the supplier's bill or invoice will be recorded by the organisation in its liability account Accounts Payable or Trade Payables. An accounting entry that is  represented an entity's obligation to pay off a short-term debt entry...

Read More

RECEIVABLE AND BAD DEBTS

An entity which may not be able to recover its outstanding balance in respect of certain receivables. In accountancy  term we can refer to such receivables as Irrecoverable Debts or Bad Debts. irrecoverable debts could be arise for a number of reasons or matter such as when customer going to bankrupt or trade dispute or fraud.If we think buying something  goods, it's easy to picture ourselves to standing at the checkout, writing out a personal...

Read More

INVENTORY

Inventory is a current asset whose ending balance should report the cost of a merchandiser's products awaiting for sale. The inventory of a manufacturer organisation should report the industry cost of its raw materials, work-in-process, and finished goods of invetory. The cost of inventory should be  included all their costs necessary to acquire the items and to get them ready for sale in the market. The raw materials, work-in-process ...

Read More

LIMITED COMPANY

Limited liability company is a one kind of business where many investor invest their money.And it is a large business.May be their are thousand of shareholder of this business.It can be operated business domestically or internally.It has many many investor or shareholder. Actually shareholders provide money. Annually company issue share and shareholders collect this shares and business increase their money. on the other word sharemarket is a one...

Read More

PARTNERSHIP BUSINESS

Partnership is one kind of business where two or more than people operate this business.It is owned jointly number of people.The may be partner, client,friend,family or relative.The partners are jointly and severally liable for any losses that the business could make.It is a traditional business. There are two or more people are associated.Like a sole trader the partnership is not legally distinguished from its member.Professional assets of the partners can be used. The more advantage of trading as a partnership is: There are more money. More...

Read More

SOLE TRADER

Sole trader is a that business which is owned and operated by one person.It is owned and management by one person but there might be any number of employees.A sole trader is fully and personally liable for any losses that the business might make. According conventions recognise the business as a separate entity from its owner.Althow it has unlimited liability.Actually it is a small business and owner provides all financial resources. The advantage of operating as a sole trader is flexibility and autonomy.He can operate the business in his personal...

Read More

GOODWILL

Parent holding(investment) at fair value....................................................xx NCI value at acquisition.............................................................................xx Total acquisition.......................................................................................    x Less: Fair value of net assets at acquisition...........................................................(xx) Goodwill on acquisition..............................................................................   ...

Read More

BANK RECONCILATION

                                     Cash book to cash book  Add:     Standing order    Bank interest   Direct debt  Credited transfer entered into bank statement       Less: Dishonoured cheque Bank charge                                            ...

Read More

INTANGIBLE ASSET

Intangible asset is an asset which you cannot touch.It is an intangible. You can not touch in your hand, can not see .Example of intangible assets are copyright,trademark,patent,domain name, brand name etc. Sometimes intangible assets value is far grater than tangible assets value such as goodwill.It is shown on a company's balance sheet....

Read More

DOUBLE ENTRY BOOK KEEPING

Double entry is a system where involve two account. One is debit and one is credit.For example a business got some money from his customer, the company's asset is incressed and decressed liability. we can explain it by-                            cash---------------dr                           ...

Read More

PRESENTATION OF FINANCIAL POSITION

PRESENTATION OF FINANCIAL POSITION: IAS 1 incorporates the recommended formats for company published accounts. The following summaries are required: 1.statement of financial position 2.income statement 3.statement of comprehensive income 4.statement of changes in equity 5.notes to the account 6.statement of cash fl...

Read More