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<a href="http://www.youtube.com/watch?v=xWb9NMX0XA4">Bitcoin price</a> prediction chart analysis Signal Trend Forecast: BUY Moving Averages: BUY Technical Indicators: Neutral RSI(14) Neutral STOCH(9,6) Neutral STOCHRSI(14) Oversold MACD(12,26) Buy ADX(14) Sell Williams %R Sell CCI(14) Neutral ATR(14) Less Volatility Highs/Lows(14) Neutral Ultimate Oscillator Sell ROC Buy Bull/Bear Power(13) Buy BTCUSD Trading signals Recommendation Trade/Exchange BUY Limit Trade order below (lower) current bitcoin … </div>
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Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-29984022698573423672015-02-25T04:34:00.002-08:002015-02-25T04:34:38.136-08:00How to win an election<div style="text-align: justify;">
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Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-46618711619828037932013-07-22T05:06:00.001-07:002013-07-22T05:06:37.712-07:00<img alt="Advertise with my Blog" border="0" height="1" src="http://linkfromblog.com/img.001.025772.gif" width="1" />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVX1-sqAKtKs6biPLP1Zdgxqc4Ptdyz1ND0T7VFTBVbGDvRctKZy_oNUokv-WSkHByVAI9kq56uvZCHush8vDn0Y2Pbk-yfFZRe86abMOSNmWdwiPjg4ol7HxO9fb_BqeFScngpOAWGlg/s1600/mm.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVX1-sqAKtKs6biPLP1Zdgxqc4Ptdyz1ND0T7VFTBVbGDvRctKZy_oNUokv-WSkHByVAI9kq56uvZCHush8vDn0Y2Pbk-yfFZRe86abMOSNmWdwiPjg4ol7HxO9fb_BqeFScngpOAWGlg/s320/mm.jpeg" width="320" /></a></div>
Accounting jobs are poised to undergo significant growth in the
coming decade. Both large and small businesses depend on accountants and
auditors to keep track of expenses and fine-tune budgets. Also,
businesses especially turn to these workers to prepare tax returns.
What's more, businesses need accountants to interpret new accounting
legislation, which directly arose in response to Enron and other
accounting scandals.<br />
<br />
Despite their different names, accountants
and auditors generally share the same job responsibilities. First of
all, they input company expenses and returns on a daily basis. They also
examine monthly expense accounts, staying attuned to any operations
that are costing the company too much money. Furthermore, during tax
season, they fill out state and federal tax returns. They also consult
with other managers on company expenses and outline new cost-cutting
budget plans.<br />
<br />
However, only in small businesses are accounting
jobs referred to as simply "accountants" or "auditors." Larger
businesses usually employ various subcategories of auditor and
accounting jobs. Firstly, they employ public accountants who work with
company databases to audit company expenses. Public accountants also
consult with corporate managers on budget plans, and may recommend
budget cuts in the form of employee lay-offs. Most public accountants
are Certified Public Accountants (CPAs), and a good number of them
concentrate on corporate tax returns. If they do specialize in tax
accounting, they advise company managers on how certain financial
decisions may influence their tax returns. Additional duties of public
accountants include developing benefits packages, such as retirement
plans and insurance programs. In this case, they may be known as payroll
accountants.<br />
<br />
Other accountants include management or cost
accountants. These accountants present regular financial reports to
leading company managers, so these managers can be well-informed before
making important decisions. Because these accountants focus on the cost
of operations, they advise management on the budget cuts that may best
benefit the company without sacrificing the company's efficacy. As such,
they often do performance evaluation on company operations. For
instance, an industrial cost manager may observe a company's
manufacturing operations and prepare a report highlighting which
operations are wasteful. These accountants usually work side-by-side
with project and operations managers for large corporations, keeping
these managers informed on their financial situations.<br />
<br />
Other types
of accounting jobs include federal accounting jobs. These accountants
may be Internal Revenue Service (IRS) agents. The federal government
also hires accountants to develop budgets for various government
departments and agencies. Nevertheless, even local governments employ
accountants to create local budgets and manage governmental assets.
These accountants, moreover, are fully aware of government regulations
concerning accounting. Therefore, they make sure every individual and
company within their government's jurisdiction sends regular tax
returns. If they notice any non-participating party, or a party that has
provided suspicious financial information, they visit that party's home
or office to do auditing.<br />
<br />
The final major type of accountant is
an internal-control auditor, also called a forensic accountant. This is
the most recent type of accountant because it arose in response to
corporate accounting scandals, such as money-laundering operations.
Forensic accountants monitor and implement the internal controls of
accounting software used by their company. They advise management on
financial transactions that may potentially constitute infractions of
state and federal accounting laws. Therefore, they are knowledgeable
about both accounting software and government regulations.<br />
<br />
Besides
security, internal-control auditors also perform waste control by
"cleaning up" their company's database system. Like management
accountants, they pay close attention to company operations and pinpoint
jobs or expenses that are overloading the budget. When reviewing
operations, they also monitor compliance with state laws, federal laws,
and corporate policies. Because these accountants take on so many
different roles, they may also be called information technology auditors
or compliance auditors.<br />
<br />
All auditor and accountant jobs require
deep familiarity with accounting software. This software has now
completely replaced ledgers as record-keeping "books." Accountants are
generally most familiar with Microsoft Excel and Intuit QuickBooks. When
working with this software, accountants enable internal controls and
perform accounting analysis. They refer to this software whenever they
prepare reports for management or government authorities.<br />
<br />
All
profitable accountant jobs require the CPA licensure. This licensure is
conferred by each state's board of accountancy, though the CPA
examination itself is uniform and computer-based. This licensure
requires a bachelor's degree in accounting, with each state usually
specifying about 150 total semester hours split between accounting and
business courses. Some states also require accounting experience, which
students can easily fulfill through internships or summer accounting
jobs.<br />
<br />
Without taking the CPA exam, accountants and auditors will
find it hard to advance in their jobs. In fact, any accountant that
files a report to the Securities and Exchange Commission (SEC) is
required to have a CPA. The CPA exam tests knowledge of Generally
Accepted Accounting Procedures (GAAP), business administration, tax
accounting, federal regulation, accounting analysis, asset management,
and so forth. The CPA exam takes a total of 14 hours to complete, with
each of its four parts taking 4.5 hours to complete. This exam is so
comprehensive that only half of its takers pass it per year. Once they
have passed their CPA, accountants are legally bound to renew it at
state-mandated internals. Accountants usually renew their CPA by
attending professional-association courses.<br />
<br />
As long as the economy
continues to grow, accountants and auditors will have little trouble
locating accounting job listings. In order to stay competitive, they
must keep up-to-date on accounting legislation so they can provide sound
guidance to the managers that hire them. They may also want to gain a
master's degree in accounting or business administration, and get as
much certification as possible from accounting associations.
Furthermore, they should hone their internal-controls skills so they can
spot potential errors before they inflate into full-blown accounting
scandals.<br />
<br />
</div>
<div id="article-resource" style="text-align: justify;">
<div style="text-align: justify;">
A. Harrison Barnes is the founder and CEO of EmploymentScape, the
parent company of more than 90 job-search websites, employment
services, recruiting firms and student loan companies. EmploymentScape
(originally Juriscape) employs several hundred employees in 14 offices
throughout the United States, Asia, and Europe. These companies were
literally started from Harrison's garage several years ago after
Harrison quit his job.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Harrison has worked for the United States
Department of Justice, a federal district judge and the law firms of
Quinn Emanuel Urquhart Oliver & Hedges and Dewey Ballantine. After
three years of practice, Harrison founded Juriscape, under which he
developed a collection of industry-specific job-search websites that
revolutionized the way job seekers access employment postings from
around the world. Harrison and his companies began serving the legal
industry with BCG Attorney Search
and LawCrossing.com. Following on the success of those endeavors, the
company soon broadened its range to include the 90+ EmploymentCrossing
websites, each specific to a particular industry or field. Juriscape
changed its name to EmploymentScape in 2007 to reflect the company's
broadening focus.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In addition to the EmploymentCrossing websites,
EmploymentScape employs top job recruiters nationwide and offers resume
development and distribution services through EmploymentAuthority and
LegalAuthority.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Harrison's latest venture is Hound.com. Using
technology that took two years to develop, Hound is able to pull job
listings from company sites throughout the world, giving its members the
best opportunities to find and apply to jobs.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Harrison resides in
Malibu, California. He is a sought-after motivational speaker
[http://www.aharrisonbarnes.com/speaking-coaching-and-workshop-fees] and
writes articles relating to the legal community. Harrison is an active
philanthropist and advocate for people reaching their full potential in
their careers. Given his passion for job seekers and them reaching their
full ability, Harrison recently started offering a limited number of
coaching engagements to job seekers.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-57298236499199134262013-05-09T22:03:00.000-07:002013-07-16T22:03:59.591-07:00Accountancy Career - Qualifications and Regulation<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikCKiiRl_tlp4u-Vc4SG5EIY49ilMnt2y28PXdAUlXN3e4Z270vQN86XJeFtNF28qtorXindncfHhZktvTq6mliieQOMOGeFw9uOzJkOsFx7fgOor3Y1tMu6sruoS7Gq0-wAPDPq5R74E/s1600/Management+accounting+and+Business+Improvement.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikCKiiRl_tlp4u-Vc4SG5EIY49ilMnt2y28PXdAUlXN3e4Z270vQN86XJeFtNF28qtorXindncfHhZktvTq6mliieQOMOGeFw9uOzJkOsFx7fgOor3Y1tMu6sruoS7Gq0-wAPDPq5R74E/s320/Management+accounting+and+Business+Improvement.jpg" width="320" /></a></div>
If you are planning to get into Accountancy Career then it is
very important to understand all the rules and regulations to practice
as an accountant in different countries. In some countries accountant
has to be certified and financial expert. Just like other professionals
every country has their own training and certification which maintain
the quality of accountant in their jurisdictions.<br />
<br />
<b>Qualifications and Regulation</b><br />
<br />
Before
getting in accountancy career you need to understand the qualification
and regulation depending upon the country you need to practice.<br />
<br />
Accountants
may be licensed by a variety of organizations and are recognized by
titles such as Charter Certified Accountant, Charted Accountant (term
used in British Common wealth countries and Ireland for a person who
work in all fields of business and finance), Certified Public Accountant
(term used for qualified accountants in the United States who have
passed the Uniform Certified Public Accountant Examination and met other
state education and experience), Certified Management Accountant (This
is offered in Australia, Canada and United States), Certified General
Accountant (designation representing members of the Certified General
Accountants Association of Canada), Certified Practicing Accountant (one
of three professional accounting bodies in Australia). Many countries
recognize two or more accounting bodies.<br />
<br />
<b>Australia</b><br />
<br />
If you want to start your accountancy career in Australia then there are four main local professional accountancy bodies
<br />Certified Practicing Accountants
<br />Professional National Accountants
<br />Member of National Institute of Accountants
<br />Chartered Accountants<br />
<br />
<b>Austria</b><br />
<br />
If you want to
start your accountancy career in Austria then the accountancy profession
is regulated by the Bilanzbuchhaltungsgesetz 2006<br />
<br />
<b>Canada</b><br />
<br />
If you want to start your accountancy career in Canada then there are three recognized bodies
<br />Canadian Institute of Chartered Accountants and the provincial and territorial Institutes
<br />Certified General Accountants Association of Canada
<br />Society of Management Accountants of Canada (Certified Management Accountants)<br />
<br />
<b>Hong Kong</b><br />
<br />
If
you want to start your accountancy career in Hong Kong then the
accountancy industry is regulated by the Hong Kong Institute of
Certified Public Accountants under the Professional Accountants
Ordinance.<br />
<br />
<b>New Zealand</b><br />
<br />
If you want to start your accountancy career in New Zealand then there is only one local accountancy body
<br />New Zealand Institute of Chartered Accountants<br />
<br />
<b>United Kingdom</b><br />
<br />
If
you want to start your accountancy career in the United Kingdom then
there are no license requirements for an individual to practice as an
accountant but certain titles requires membership from appropriate
professional bodies.
<br />
<br />Chartered Certified Accountant must be member of the Association of Charted Certified Accountants.
<br />
<br />Chartered Accountants must be member of one of the following
Institute of Chartered Accountants in England and Wales or Institute of
Chartered Accountants of Scotland or Institute of Chartered Accountants
in Ireland or recognized equivalent body from another Commonwealth
country like Canada.
<br />
<br />Chartered Management Accountant must be a member of the Chartered Institute of Management Accountants.
<br />
<br />Chartered Public Finance Accountant must be a member of the Chartered Institute of Public Finance and Accountancy.
<br />
<br />International Accountant must be a member of the Association of International Accountants.<br />
<br />
<b>United States of America</b><br />
<br />
If
you want to start your accountancy career in the United States then
legally practicing accountants are Certified Public Accountants, and
other non-statutory accountants are Certified Internal Auditors,
Certified Management Accountants and Accredited Business Accountants.<br />
<br />
<b>Accounting process</b><br />
<br />
Accounting
is the process of identifying, measuring and communicating economic
information so a user of the information may make informed economic
judgments and decisions based on it.<br />
<br />
</div>
<div id="article-resource" style="text-align: justify;">
<div style="text-align: justify;">
Specialized in Accountancy Career information. Get all the
information about accountancy career. If you are looking for accountancy
career information please stop in by http://www.accountancycareerworld.com and have a look.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-36674159082745871972013-04-30T22:00:00.000-07:002013-07-16T22:02:33.345-07:00Explanation of T Account, Debit and Credit, and Double Entry Accounting System<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm7-4Ijl-bAZFl_AIOlzQj54WApaRIccTzFExQNl5pzV7m3jim2_yQqATiZny2EdNx4sX1DbCHLzyU2jLFznXBAUNIXfCEhLcaxhxPIDR7MSJFHmGMkdAq6_b38qRh0osUgx5Pnpb_sWo/s1600/Lowongan-accounting-image.PNG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm7-4Ijl-bAZFl_AIOlzQj54WApaRIccTzFExQNl5pzV7m3jim2_yQqATiZny2EdNx4sX1DbCHLzyU2jLFznXBAUNIXfCEhLcaxhxPIDR7MSJFHmGMkdAq6_b38qRh0osUgx5Pnpb_sWo/s400/Lowongan-accounting-image.PNG" width="211" /></a>In this accounting lecture, we will talk about T-accounts,
accounting debits and credits, accounting balances and double entry
accounting system.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All accountants know several terms that create
basis for any accounting system. Such terms are T-account, debit and
credit, and double entry accounting system. Of course, these terms are
studied by accounting students all over the world. However, any business
person, whether an investment banker or a small business owner, will
benefit from knowing them as well. They are easy to grasp and will be
helpful in most business situations. Let us take a closer look at these
accounting terms.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>T-Account</strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting
records about events and transactions are recorded in accounts. An
account is an individual record of increases and decreases in a specific
asset, liability, or owner's equity item. Look at accounts as a place
for recording numbers related to a certain item or class of
transactions. Examples of accounts may be Cash, Accounts Receivable,
Fixed Assets, Accounts Payable, Accrued Payroll, Sales, Rent Expenses
and so on.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
An account consists of three parts:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
- title of the account</div>
<div style="text-align: justify;">
- left side (known as <em>debit</em>)</div>
<div style="text-align: justify;">
- right side (known as <em>credit</em>)</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Because the alignment of these parts of an account resembles the letter T, it is referred to as a <em>T account</em>.
You could draw T accounts on a piece of paper and use it to maintain
your accounting records. However, nowadays, instead of having to draw T
accounts, accountants use accounting software (i.e., QuickBooks,
Microsoft Accounting, Peachtree, JD Edwards, Oracle, and SAP, among
others).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>Debit, Credit and Account Balance</strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In account, the term <em>debit</em> means left side, and <em>credit</em>
means right side. These are abbreviated as Dr for debit and Cr for
credit. Debit and credit indicate on which side of a T account numbers
will be recorded.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
An account balance is the difference between the
debit and credit amounts. For some types of accounts debit means an
increase in the account balance, while for others debit means a decrease
in the account balance. See below for a list of accounts and what a
debit to such account means:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Asset - Increase
<br />Contra Assets - Decrease
<br />Liability - Decrease
<br />Equity - Decrease
<br />Contribution Capital - Decrease
<br />Revenue - Decrease
<br />Expenses - Increase
<br />Distributions - Increase</div>
<div style="text-align: justify;">
Credits to the above account types will mean an opposite result.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>Double Entry Accounting System</strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A
double entry accounting system requires that any amount entered into
the accounting records is shown at least on two different accounts. For
example, when a customer pays cash for your product, an account would
show the cash received in the Cash account (as a debit) and in the Sales
account (as a credit). All debit amounts equal all credit amounts
provided the double-entry accounting was properly followed.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Having
a double entry accounting system has benefits over regular, one-sided
systems. One of such benefits is that the double-entry system helps
identify recording errors. As I mentioned, if one amount is entered only
once in error, then debits and credits won't balance and the accountant
will know that one or more entries were not posted fully. Note,
however, that this check will help spot errors, but will not identify
all cases of errors. For example, equal debits and credits will not
identify an error when an amount was posted twice, but was posted to
wrong accounts. Keep this in mind when analyzing causes of errors in
accounting records.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-70548516961785209982013-04-10T21:58:00.000-07:002013-07-16T21:59:55.317-07:00Setting Up Quickbooks - Entering Accounts Part One<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigX6s0LAu-gpvHgPadw4840AJkPBEjNVmMMmELk6csQrL90qIlpDIaMHEvTKrFcOiD0F2EGtG6L3E1topZl54svkIR4FcoQOX_sg8OdiR_5gENelQQ8vHxchAOASfubszI5E_1snLHw1c/s1600/Lowongan+Kerja+Terbaru+2013.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigX6s0LAu-gpvHgPadw4840AJkPBEjNVmMMmELk6csQrL90qIlpDIaMHEvTKrFcOiD0F2EGtG6L3E1topZl54svkIR4FcoQOX_sg8OdiR_5gENelQQ8vHxchAOASfubszI5E_1snLHw1c/s400/Lowongan+Kerja+Terbaru+2013.jpg" width="400" /></a></div>
Introduction<br />
<br />
Adding accounts to Quickbooks is very easy,
the warning here is that it is so easy that making a mistake either in
placement of the account or the identification of where to put it may be
a little deceiving. It is always advisable that you consult a
professional to help you as once you add these accounts and begin using
them, it can be a long procedure to correct mistakes. And because each
business is unique in it's accounts, it may take a little creative
maneuvering to best fit your type of business. Having said that, let's
look at your different options in adding accounts.<br />
<br />
I. Income Accounts<br />
<br />
There
may be several ways that your business receives income. (this is where
the help of a ProAdvisor comes in) For example if you are a service
industry business, let's use a lawn care company as an example. The
overall easy way to handle this is to enter ALL income into one account.
However, this doesn't help you as a business owner decide which of your
services is more profitable than another. You may not care about that,
but it only takes another few minutes of effort to get it right, so
let's make sure we do so. Create an account for income for lawn
maintenance, another for landscape design and yet another for pest
control or another similar service. Create a parent account named Lawn
Services and a sub account for each of the areas you earn income in.
Upon entering these sub-accounts you will see a box labeled sub-account
of, check that box and type Lawn Services. The description, note and
tax-line mapping boxes are optional, for the best results however, at
least utilize the tax-line mapping and an income account will more than
likely fit the first category listed which is Income: Gross Sales or
Services. Consult your tax professional for more help with this area.<br />
<br />
II. Expense Accounts<br />
<br />
The
expense window looks identical to the income in every way. I highly
recommend a wise use of sub-accounts in the expense accounts area as
well. For example, grouping your electrical, water and phone bills under
utilities is what a lot of businesses do, however, what happens when
you add a cell phone?<br />
<br />
I would create a parent account for
utilities and sub-accounts for power, water, phone, and other utilities.
I would also suggest doing the same with advertising expenses, having
one parent account for advertising and sub-accounts for signs, yellow
pages ads, internet ads, and more so you can keep more careful track of
your cash flow.<br />
<br />
When you get to payroll expenses, you are
definitely going to need to use sub-accounts appropriately and create
sub-accounts for FICA payable - Company, Social Security Payable -
Company, Worker's Comp, etc. If you do not use Intuit's Payroll
services, that's okay, but it increases the risk of mistakes in
transmission of information from the payroll companies' to the
Quickbooks files.<br />
<br />
III. Fixed Assets<br />
<br />
There is a step by step
procedure in entering fixed assets into Quickbooks and a detailed
explanation of how to categorize your fixed assets. Fixed Assets include
buildings, land, Machinery, vehicles and Accumulated Depreciation. The
only difference in the Fixed Assets window is that the Tax-Line Mapping
is automatically entered for you.<br />
<br />
IV. Bank Accounts<br />
<br />
In
Quickbooks a Bank Account isn't always necessarily an actual bank
account. When entering a regular bank account whether it's checking or
savings, Quickbooks will ask for the opening balance as of a certain
date. (If this is a new account, the opening balance isn't necessary, it
will be $0.00) For a more accurate picture of your business' financial
situation, and to ensure an accurate reconciliation of your bank
account, enter the opening balance, which will be the ending balance of
the previous month. If this account was used for any business
transactions prior to the date you install Quickbooks, it would be a
good idea to have a Professional help you enter these transactions
accurately.<br />
<br />
When is a bank account NOT a bank account? If your
business is using petty cash system, (to make change for customers, etc)
it is best to set up Petty Cash as a separate bank account so that you
can transfer funds from Petty Cash to Undeposited Funds when necessary.<br />
What
if you have a customer with whom you have an agreement to trade your
services/products with theirs? In this case, you can create a bank
account called Trade or Barter and deposit the value of your
products/services to offset those of your customers. Neither one are
actually bank accounts, but they make it easy to keep track of those
'creative' transactions.<br />
<br />
V. Loan <br />
<br />
A Loan account keeps track
of the amount you owe on loans from those who you owe money to. This is
NOT a long term liability account, this is money lent to the business by
others and which you intend on paying back within the year. You have
use of the funds, which is an asset, and you owe the loaner, which is a
liability. If you need to enter a loan for a vehicle, building, etc, it
needs to be in the Long Term Liability accounts.<br />
<br />
VI. Credit Card Accounts<br />
<br />
You
must add a credit card to your account list to gain access to the Enter
Credit Card Charges feature on the Quickbooks home menu. Credit Cards
can be used to pay for expenses, items or bills. When using Credit Cards
to pay bills, one common mistake business owners make is not choosing
the correct account to pay the bill out of. If you are using more than
one Credit Card, take it slow and make sure that your payments and
credits to the account are appropriately applied or reconciliations will
be a nightmare and a half.<br />
<br />
You are given the option of being able
to enter the account number, expiration date and more as you are
entering the card for the first time. As long as you don't have a
situation where innumerable people have access to your Quickbooks files,
it is perfectly safe to enter this information, if you do have that
situation, consider hiring someone else or restricting access to others
on your Quickbooks network.<br />
<br />
VII. Equity Accounts<br />
<br />
An equity
account includes owner's draw, owner's contributions, etc (these
categories change names but not function, depending on the legal
formation of the company). This is the money the business owner invests
in order to begin the company and the subsequent money they have to draw
from in order to keep the company running. The retained earnings
account is an equity account that is added by Quickbooks at year end
when the revenue and expenses are calculated. The description that is
given this account by Quickbooks is "undistributed earnings of the
company". In the case of a company just beginning to use Quickbooks, the
account can be created manually for previous years balances in another
accounting software system by creating the account manually and entering
in the opening balance from the previous year.<br />
<br />
The rest of the
accounts are going to be examined in a separate article where we will
discuss common mistakes made in entering these accounts and the
occasional symbiotic relationship these accounts have with one another.<br />
<br />
</div>
<div id="article-resource" style="text-align: justify;">
<div style="text-align: justify;">
David Roberts, CFE, CQBPA, MBA, lives in Kissimmee, Florida with
four girls, three dogs, two snakes and one wife. He has been a member of
the ACFE for four years and has been studying fraud for longer than
that. He is the owner of Homesoon Accounting Services which specializes
in Quickbooks Consultations and Fraud Prevention and Detection.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-80634286609674073052013-03-24T21:55:00.000-07:002013-07-16T21:58:10.234-07:00Accounting Software Can Be Sophisticated Or Simple But Rarely Both<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1HlyMR9jRo9uWAH1uT0c4KWPV8zE13OzA0_cGrLqbGfoQlkt5URp_ftLS95krZBa84JpZndi7k1wUiK0P4Xij1yvlKO4U7KVJ-GuZE6pp7XDAc1KBEHPLNzaUYQb38iTLad4CNrl8UOA/s1600/invoicing2-businessblog-winweb.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1HlyMR9jRo9uWAH1uT0c4KWPV8zE13OzA0_cGrLqbGfoQlkt5URp_ftLS95krZBa84JpZndi7k1wUiK0P4Xij1yvlKO4U7KVJ-GuZE6pp7XDAc1KBEHPLNzaUYQb38iTLad4CNrl8UOA/s320/invoicing2-businessblog-winweb.jpg" width="320" /></a></div>
<div style="text-align: justify;">
Accounting software is a system of recording financial
transactions on a computer across a full range of accounting options
almost invariably dependent upon the size of business being catered for.
Financial software can vary from a several million pound solution for
major public companies to simple managed lists of income and expenses.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
requirements from accounts software are diverse with the most complex
and comprehensive financial accounting packages incorporating financial
reporting information and managed by teams of qualified accountants
supported by accounts clerks, bookkeepers and substantial input from
automated data sources. At the other end of the scale a self employed
sole trader might use accounting software themselves and produce a set
of financial accounts for the year in an afternoon.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Different
accounting standards are required from the software packages dependent
upon the fitness for purpose and client needs. Double entry bookkeeping
automated through a database system and probably arranged in financial
modules would normally be the choice of the majority of public
companies. Single entry bookkeeping would not be an acceptable
accounting solution for a limited company due to audit requirements and
statutory obligations.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Single entry bookkeeping does however have
its place in the market place for the smaller less complex businesses
who maintain financial control through a close intimate knowledge of
every financial transaction. The main objective of a sole trader is more
likely to be the production of the tax accounts and complete the
periodic and annual tax return forms.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The most sophisticated level
of financial software in the largest companies mirrors the accounting
functions in those organisations with various modules for accounts
receivable, accounts payable, stock control, general ledger and fixed
assets. These accounting modules may also be integrated with other
business functions such as production and dispatch functions and also
divided into separate modules within the finance function.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
larger companies the sales daybook and data entry of sales turnover
would often be the responsibility of one department while the accounts
receivable function might be split with a specialist credit control
function within that accounting module. A further division may also
include sales administration and customer records. Similarly the
accounts payable function might be split between the purchasing
department, accounts purchase invoice department and a legal function
for overdue payments.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting software for smaller companies
and organisations is commonly a system of data entry of prime
transactions which include sales income, purchase expenses and cash and
bank transactions. The entry of these prime documents being to a
database which automates the double entry bookkeeping principles and
produces both accounts receivable, accounts payable and general ledger
databases.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Some accounting knowledge is usually required to
operate a database accounting software system and that financial
knowledge is usually available within the company as most companies that
use database accounting software also employ a bookkeeper or accounts
clerks to input data and in slightly larger small companies also
qualified accountants to manage the accounting function.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The need
for accounting knowledge in a database system is partially to understand
the data entry principles and the relevancy of the rules that need to
be followed but essentially understanding of accounting principles is
required to understand what is happening ton the information after
input. And most important, a qualified accountant has the financial
knowledge, training and experience to know what the system should be
producing and how to query the database to retrieve that information.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
addition to inputting the prime income and expenditure details the most
benefit of a database system is the level of control the information it
contains can provide the company management and financial directorship.
The accounting function also has the security of producing trial
balances, periodic profit and loss accounts, balance sheets and other
financial and statements for tax and control purposes.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Small business accounting packages requiring little or no accounting knowledge are available.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Small
limited companies must obtain accounting software based upon double
entry bookkeeping principles as in addition to producing a profit and
loss account and a trial balance to demonstrate accuracy and integrity
of the financial records plus a balance sheet is required for reporting
purposes. Accounting standards require the limited company to have a
system of financial control and accounting software is an essential tool
in achieving this.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Some accounting knowledge either from the
management or outsourcing the bookkeeping services is usually required
with even the simplest database accounting solutions even if this
requires the understanding of what accounts receivable ledgers, accounts
payable ledger and control accounts mean.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
There are other
possibilities and those businesses with a minimum of accounting
knowledge can consider spreadsheet based accounting software.
Spreadsheet accounts are less flexible and often do not have the range
of options a database system has due to the lack of database queries
available. These disadvantages of flexibility being compensated by the
fact that all entries are visible, transparent and changes can be made
more easily.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financially at the sole trader and self employed end
of the business spectrum then the requirements from accounting software
may be completely different. Gone are the sophistication of control
accounts, trial balances and many aspects of financial control. The most
important aspect of self employed accounting is often to produce a set
of accounts for tax purposes.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Self employed small business that do
not require a balance sheet can use accounting software based upon
single entry bookkeeping rather than double entry and with the reduced
requirement for financial control then less financial queries to the
system are required. In these respects the simpler an accounting
solution the better and in this market an accounting solution written on
spreadsheets that can produce the net taxable profit would meet the
requirements.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-41570055263132152412013-03-21T21:53:00.000-07:002013-07-16T21:55:28.837-07:00Rectification Of Accounting Errors<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6BcJgRbPhobvNCLuXYtD7HxGG9dMZ_VIQNN-SnuS_fumhlHcJITjTuHC17P7I8fwODUrkuzxeYeLByCeaJ4i7GOt4lla6ick2sGNrUEJ4j3pIg4xub4Es5yI1fudIB7SNINB6v_GJaJU/s1600/images.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6BcJgRbPhobvNCLuXYtD7HxGG9dMZ_VIQNN-SnuS_fumhlHcJITjTuHC17P7I8fwODUrkuzxeYeLByCeaJ4i7GOt4lla6ick2sGNrUEJ4j3pIg4xub4Es5yI1fudIB7SNINB6v_GJaJU/s400/images.jpeg" width="400" /></a></div>
<div style="text-align: justify;">
Accountants prepare trial balance to check the correctness of
accounts. If total of debit balances does not agree with the total of
credit balances, it is a clear-cut indication that certain errors have
been committed while recording the transactions in the books of original
entry or subsidiary books. It is our utmost duty to locate these errors
and rectify them, only then we should proceed for preparing final
accounts. We also know that all types of errors are not revealed by
trial balance as some of the errors do not effect the total of trial
balance. So these cannot be located with the help of trial balance. An
accountant should invest his energy to locate both types of errors and
rectify them before preparing trading, profit and loss account and
balance sheet. Because if these are prepared before rectification these
will not give us the correct result and profit and loss disclosed by
them, shall not be the actual profit or loss.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All errors of accounting procedure can be classified as follows:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
1. Errors of Principle</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
When
a transaction is recorded against the fundamental principles of
accounting, it is an error of principle. For example, if revenue
expenditure is treated as capital expenditure or vice versa.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
2. Clerical Errors</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
These errors can again be sub-divided as follows:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(i) Errors of omission</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
When
a transaction is either wholly or partially not recorded in the books,
it is an error of omission. It may be with regard to omission to enter a
transaction in the books of original entry or with regard to omission
to post a transaction from the books of original entry to the account
concerned in the ledger.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(ii) Errors of commission</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
When an
entry is incorrectly recorded either wholly or partially-incorrect
posting, calculation, casting or balancing. Some of the errors of
commission effect the trial balance whereas others do not. Errors
effecting the trial balance can be revealed by preparing a trial
balance.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(iii) Compensating errors</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Sometimes an error is
counter-balanced by another error in such a way that it is not disclosed
by the trial balance. Such errors are called compensating errors.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
From the point of view of rectification of the errors, these can be divided into two groups :</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(a) Errors affecting one account only, and</div>
<div style="text-align: justify;">
(b) Errors affecting two or more accounts.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Errors affecting one account</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Errors which affect can be :</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(a) Casting errors;</div>
<div style="text-align: justify;">
(b) error of posting;</div>
<div style="text-align: justify;">
(c) carry forward;</div>
<div style="text-align: justify;">
(d) balancing; and</div>
<div style="text-align: justify;">
(e) omission from trial balance.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Such
errors should, first of all, be located and rectified. These are
rectified either with the help of journal entry or by giving an
explanatory note in the account concerned.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong></strong></div>
<div style="text-align: justify;">
<strong>Rectification </strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Stages of correction of accounting errors</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All types of errors in accounts can be rectified at two stages:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(i) before the preparation of the final accounts; and</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(ii) after the preparation of final accounts.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Errors rectified within the accounting period</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
proper method of correction of an error is to pass journal entry in
such a way that it corrects the mistake that has been committed and also
gives effect to the entry that should have been passed. But while
errors are being rectified before the preparation of final accounts, in
certain cases the correction can't be done with the help of journal
entry because the errors have been such. Normally, the procedure of
rectification, if being done, before the preparation of final accounts
is as follows:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(a) Correction of errors affecting one side of one
account Such errors do not let the trial balance agree as they effect
only one side of one account so these can't be corrected with the help
of journal entry, if correction is required before the preparation of
final accounts. So required amount is put on debit or credit side of the
concerned account, as the case maybe. For example:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(i) Sales book
under cast by Rs. 500 in the month of January. The error is only in
sales account, in order to correct the sales account, we should record
on the credit side of sales account 'By under casting of. sales book for
the month of January Rs. 500".I'Explanation:As sales book was under
cast by Rs. 500, it means all accounts other than sales account are
correct, only credit balance of sales account is less by Rs. 500. So Rs.
500 have been credited in sales account.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(ii) Discount allowed to
Marshall Rs. 50, not posted to discount account. It means that the
amount of Rs. 50 which should have been debited in discount account has
not been debited, so the debit side of discount account has been reduced
by the same amount. We should debit Rs. 50 in discount account now,
which was omitted previously and the discount account shall be
corrected.</div>
<div style="text-align: justify;">
(iil) Goods sold to X wrongly debited in sales account.
This error is effecting only sales account as the amount which should
have been posted on the credit side has been wrongly placed on debit
side of the same account. For rectifying it, we should put double the
amount of transaction on the credit side of sales account by writing "By
sales to X wrongly debited previously."</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(iv) Amount of Rs. 500
paid to Y, not debited to his personal account. This error of effecting
the personal account of Y only and its debit side is less by Rs. 500
because of omission to post the amount paid. We shall now write on its
debit side. "To cash (omitted to be posted) Rs. 500.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Correction of errors affecting two sides of two or more accounts</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
As
these errors affect two or more accounts, rectification of such errors,
if being done before the preparation of final accounts can often be
done with the help of a journal entry. While correcting these errors the
amount is debited in one account/accounts whereas similar amount is
credited to some other account/ accounts.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Correction of errors in next accounting period</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
As
stated earlier, that it is advisable to locate and rectify the errors
before preparing the final accounts for the year. But in certain cases
when after considerable search, the accountant fails to locate the
errors and he is in a hurry to prepare the final accounts, of the
business for filing the return for sales tax or income tax purposes, he
transfers the amount of difference of trial balance to a newly opened
'Suspense Account'. In the next accounting period, as and when the
errors are located these are corrected with reference to suspense
account. When all the errors are discovered and rectified the suspense
account shall be closed automatically. We should not forget here that
only those errors which effect the totals of trial balance can be
corrected with the help of suspense account. Those errors which do not
effect the trial balance can't be corrected with the help of suspense
account. For example, if it is found that debit total of trial balance
was less by Rs. 500 for the reason that Wilson's account was not debited
with Rs. 500, the following rectifying entry is required to be passed.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Difference in trial balance</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Trial
balance is affected by only errors which are rectified with the help of
the suspense account. Therefore, in order to calculate the difference
in suspense account a table will be prepared. If the suspense account is
debited in' the rectification entry the amount will be put on the debit
side of the table. On the other hand, if the suspense account is
credited, the amount will be put on the credit side of the table. In the
end, the balance is calculated and is reversed in the suspense account.
If the credit side exceeds, the difference would be put on the debit
side of the suspense account. Effect of Errors of Final Accounts</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
1. Errors effecting profit and loss account</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It
is important to note the effect that an en-or shall have on net profit
of the firm. One point to remember here is that only those accounts
which are transferred to trading and profit and loss account at the time
of preparation of final accounts effect the net profit. It means that
only mistakes in nominal accounts and goods account will effect the net
profit. Error in the these accounts will either increase or decrease the
net profit.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
How the errors or their rectification effect the profit-following rules are helpful in understanding it :</div>
<div style="text-align: justify;">
(i)
If because of an error a nominal account has been given some debit the
profit will decrease or losses will increase, and when it is rectified
the profits will increase and the losses will decrease. For example,
machinery is overhauled for Rs. 10,000 but the amount debited to
machinery repairs account -this error will reduce the profit. In
rectifying entry the amount shall be transferred to machinery account
from machinery repairs account, and it will increase the profits.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(il)
If because of an error the amount is omitted from recording on the
debit side of a nominal account-it results in increase of profits or
decrease in losses. The rectification of this error shall have reverse
effect, which means the profit will be reduced and losses will be
increased. For example, rent paid to landlord but the amount has been
debited to personal account of landlord-it will increase the profit as
the expense on rent is reduced. When the error is rectified, we will
post the necessary amount in rent account which will increase the
expenditure on rent and so profits will be reduced.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(iil) Profit
will increase or losses will decrease if a nominal account is wrongly
credited. With the rectification of this error, the profits will
decrease and losses will increase. For example, investments were sold
and the amount was credited to sales account. This error will increase
profits (or reduce losses) when the same error is rectified the amount
shall be transferred from sales account to investments account due to
which sales will be reduced which will result in decrease in profits (or
increase in losses).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(iv) Profit will decrease or losses will
increase if an account is omitted from posting in the credit side of a
nominal or goods account. When the same will be rectified it will
increase the profit or reduce the losses. For example, commission
received is omitted to be posted to the credit of commission account.
This error will decrease profits ( or increase losses) as an income is
not credited to profit and loss account. When the error will be
rectified, it will have reverse effect on profit and loss as an
additional income will be credited to profit and loss account so the
profit will increase ( or the losses will decrease). If due to any error
the profit or losses are effected, it will have its effect on capital
account also because profits are credited and losses are debited in the
capital account and so the capital shall also increase or decrease. As
capital is shown on the liabilities side of balance sheet so any error
in nominal account will effect balance sheet as well. So we can say that
an error in nominal account or goods account effects profit and loss
account as well as balance sheet.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
2. Errors effecting balance sheet only</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
If
an error is committed in a real or personal account, it will effect
assets, liabilities, debtors or creditors of the firm and as a result it
will have its impact on balance sheet alone. because these items are
shown in balance sheet only and balance sheet is prepared after the
profit and loss account has been prepared. So if there is any error in
cash account, bank account, asset or liability account it will effect
only balance sheet.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-85103258350674027342013-03-06T21:52:00.000-08:002013-07-16T21:53:23.338-07:00Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHqgLPHja6arau8NRjHiKQ0iHnf_FQ5olv_eSdqen9-SREr_jCBjWvY1x4pcydUbiQOR93yWfLMeNCjlDIGLCyDadLT3CEVBcdADmsKyBcCBsfk6Yhzg15z2ftoJFADGWmhW8ihIei4_o/s1600/basic-accounting-tips.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHqgLPHja6arau8NRjHiKQ0iHnf_FQ5olv_eSdqen9-SREr_jCBjWvY1x4pcydUbiQOR93yWfLMeNCjlDIGLCyDadLT3CEVBcdADmsKyBcCBsfk6Yhzg15z2ftoJFADGWmhW8ihIei4_o/s400/basic-accounting-tips.jpg" width="400" /></a></div>
<div style="text-align: justify;">
Accounting vs. Book-keepingBook-keeping concerns itself with the
recording (correctly and in a set of books) of those transactions that
result in the transfer of money or money's worth. Whereas accounting is
comprehensive in perspective. It extends to classifying, summarizing,
presenting and even analyzing accounting information .</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting vs. Accountancy</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Body
of knowledge (consisting of principles, postulates, assumptions,
conventions, concepts and rules) governing the science of recording
classifying and analyzing financial transactions is accounting. Whereas
the practice and art of the science of accounting is termed as
accountancy.To meet the ever increasing demands made on accounting by
different interested parties (such as owners, management, creditors,
taxation authorities etc.) the various branches have come into
existence. Financial AccountingThe object of financial accounting is to
ascertain the result (profit or loss) of business operations during the
particular period and to state the financial position (Balance Sheet) as
on a date at the end of the period.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Cost Accounting</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
object of cost accounting is to find out the cost of goods produced or
services rendered by a business. It also helps the business in
controlling the costs by indicating avoidable losses and
wastes.Management AccountingThe object of management accounting is to
supply relevant information at appropriate time to the management to
enable it to take decision and effect control.In this web primer, we are
concerned only with financial accounting. The objects of financial
accounting as stated above can be achieved only by recording the
financial transactions in a systematic manner according to a set of
principles. The recorded information has to be classified, analyzed and
presented in a manner in which business results and financial position
can be ascertained.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>Uses of Accounting</strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting
plays important and useful role by developing the information for
providing answers to many questions faced by the users of accounting
information.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(1) How good or bad is the financial condition of the business?</div>
<div style="text-align: justify;">
(2) Has the business activity resulted in a profit or loss?</div>
<div style="text-align: justify;">
(3) How well the different departments of the business have performed in the past?</div>
<div style="text-align: justify;">
(4) Which activities or products have been profitable?</div>
<div style="text-align: justify;">
(5) Out of the existing products which should be discontinued and the production of which commodities should be increased.</div>
<div style="text-align: justify;">
(6) Whether to buy a component from the market or to manufacture the same?</div>
<div style="text-align: justify;">
(7) Whether the cost of production is reasonable or excessive?</div>
<div style="text-align: justify;">
(8) What has been the impact of existing policies on the profitability of the business? </div>
<div style="text-align: justify;">
(9) What are the likely results of new policy decisions on future earning capacity of the business?</div>
<div style="text-align: justify;">
(10) In the light of past performance of the business how it should plan for future to ensure desired results ?</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Above
mentioned are few examples of the types of questions faced by the users
of accounting information. These can be satisfactorily answered with
the help of suitable and necessary information provided by accounting.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Besides, accounting is also useful in the following respects :-</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(1)
Increased volume of business results in large number of transactions
and no businessman can remember everything. Accounting records obviate
the necessity of remembering various transactions.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(2) Accounting
record, prepared on the basis of uniform practices, will enable a
business to compare results of one period with another period.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(3)
Taxation authorities (both income tax and sales tax) are likely to
believe the facts contained in the set of accounting books if maintained
according to generally accepted accounting principles.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(4) Cocooning records, backed up by proper and authenticated vouchers are good evidence in a court of law.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
(5)
If a business is to be sold as a going concern then the values of
different assets as shown by the balance sheet helps in bargaining
proper price for the business.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>Limitations of Financial Accounting</strong></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Advantages of accounting discussed in this section do not suggest that accounting is free from limitations.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Following are the limitations:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial
accounting permits alternative treatmentsAccounting is based on
concepts and it follows " generally accepted principles" but there exist
more than one principle for the treatment of any one item. This permits
alternative treatments with in the framework of generally accepted
principles. For example, the closing stock of a business may be valued
by anyone of the following methods: FIFO (First-in- First-out), LIFO
(Last-in-First-out), Average Price, Standard Price etc., but the results
are not comparable.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial accounting does not provide timely information</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It
is not a limitation when high powered software application like HiTech
Financial Accenting are used to keep online and concurrent accounts
where the balance sheet is made available almost instantaneously.
However, manual accounting does have this shortcoming.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial
accounting is designed to supply information in the form of statements
(Balance Sheet and Profit and Loss Account) for a period normally one
year. So the information is, at best, of historical interest and only
'post-mortem' analysis of the past can be conducted. The business
requires timely information at frequent intervals to enable the
management to plan and take corrective action. For example, if a
business has budgeted that during the current year sales should be $
12,00,000 then it requires information whether the sales in the first
month of the year amounted to $ 10,00,000 or less or more?</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Traditionally,
financial accounting is not supposed to supply information at shorter
interval less than one year. With the advent of computerized accounting
now a software like HiTech Financial Accounting displays monthly profit
and loss account and balance sheet to overcome this limitation.
Financial accounting is influenced by personal judgments'Convention of
objectivity' is respected in accounting but to record certain events
estimates have to be made which requires personal judgment. It is very
difficult to expect accuracy in future estimates and objectivity
suffers. For example, in order to determine the amount of depreciation
to be charged every year for the use of fixed asset it is required
estimation and the income disclosed by accounting is not authoritative
but 'approximation'.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial accounting ignores important non-monetary information</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial
accounting does not consider those transactions of non- monetary in
nature. For example, extent of competition faced by the business,
technical innovations possessed by the business, loyalty and efficiency
of the employees; changes in the value of money etc. are the important
matters in which management of the business is highly interested but
accounting is not tailored to take note of such matters. Thus any user
of financial information is, naturally, deprived of vital information
which is of non-monetary character. In modern times a good accounting
software with MIS and CRM can be most useful to overcome this limitation
partially.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial Accounting does not provide detailed analysis</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
information supplied by the financial accounting is in reality
aggregates of the financial transactions during the course of the year.
Of course, it enables to study the overall results of the business the
information is required regarding the cost, revenue and profit of each
product but financial accounting does not provide such detailed
information product- wise. For example, if business has earned a total
profit of say, $ 5,00,000 during the accounting year and it sells three
products namely petrol. diesel and mobile oil and wants to know profit
earned by each product Financial accounting is not likely to help him
unless he uses a computerized accounting system capable of handling such
complex queries. Many reports in a computer accounting software like
HiTech Financial Accounting which are explained with graphs and
customized reports as per need of the business overcome this limitation.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Financial Accounting does not disclose the present value of the business</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
financial accounting the position of the business as on a particular
date is shown by a statement known as 'Balance Sheet'. In Balance Sheet
the assets are shown on the basis of "Continuing Entity Concept. Thus it
is presumed that business has relatively longer life and will continue
to exist indefinitely, hence the asset values are 'going concern
values.' The 'realized value' of each asset if sold to-day can't be
known by studying the balance sheet.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-61527841826385194772013-02-27T21:50:00.000-08:002013-07-16T21:51:26.166-07:00UK Self employed Accounting Software and Self Assessment Tax Returns<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXE2JnR-kvQsI8QQSYKLEnYessRIxfPgE7oGdFFhggxxsr3sXGZkQCSYq9YAl26krBRikXpWywFlhcn0EASu4Dr99shhnaVNOSd4mP75ddf7NZwdgFYWdQne8gXuntWt3lcMJCc8OP8RA/s1600/advantage-sme-accounting-software.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXE2JnR-kvQsI8QQSYKLEnYessRIxfPgE7oGdFFhggxxsr3sXGZkQCSYq9YAl26krBRikXpWywFlhcn0EASu4Dr99shhnaVNOSd4mP75ddf7NZwdgFYWdQne8gXuntWt3lcMJCc8OP8RA/s400/advantage-sme-accounting-software.jpg" width="400" /></a></div>
<div style="text-align: justify;">
In the UK anyone receiving earned income which is not taxed under
the employers PAYE system is technically self employed. Anyone who is
self employed and running a business in the UK must register that
business with HM Revenue and Customs within 3 months of starting that
self employed business and failure to do so can lead to penalty fines.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All
self employed businesses must keep records of the financial
transactions and submit these accounts annually to HM Revenue and
Customs in the format of the self assessment tax return which are
supplementary pages included in the self employed annual tax return.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Different
standards for accounting by self employed business are applicable
compared to the accounting requirements of a limited liability company
and consequently much simpler Accounting Software can be applied.
Accounting Software for a limited company invariably requires a double
entry system of accounting that produces not just a profit and loss
account but also a balance sheet. The Accounting Software has to deal
with business bank accounts, debtors and creditors and produce
reconcilable results.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
While advisable for self employed businesses
to maintain a separate bank account it is not an essential requirement.
The Accounting Software used by anyone self employed should keep
accurate records of fixed assets although it is not essential that this
Accounting Software also produces a balance sheet. With these factors in
mind Accounting Software for the self employed can be much simpler and
greatly advantageous if that Accounting Software also produces the
numerous and sometimes onerous burden of HM Revenue and Customs tax
returns and working papers.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Self Employed Accounting Software Requirements</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting
Software for anyone Self Employed does not have to be double entry. The
Accounting Software can be a single entry system which makes the value
of using Accounting Software based upon excel spreadsheets feasible and
due to the simplicity highly desirable. Such Accounting Software being
excel based is fast and easy to use, utilising all the benefits and
advantages excel offers. Accounting Software that is also highly visible
at the click of a button. Accounting Software on a database hides the
financial transactions that the Accounting Software has to query to
retrieve the required information. It is this element of an Accounting
Software database that often requires some technical accounting
knowledge to operate efficiently. Accounting Software written on excel
spreadsheets is, due to its visibility, much easier to use and
understand and requires little or no accounting experience.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting
Software written on excel spreadsheets makes an ideal solution for the
self employed businessman. Good financial records are the key to the
success of any self employed business and especially to the value of
Accounting Software. A quality Accounting Software package is an
essential component of your business to identify potential problem areas
and capitalise on success to drive the business forward.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting Software and HM Revenue and Customs Returns</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Different
types of Accounting Software are available for the Self Employed and
some of this software has been specifically designed to cater for the
precise size and requirements of the self employed business. There are
basic Accounting Software packages available for the self employed
business that is not vat registered and have no employees. Standard
Accounting Software packages for the self employed business that is vat
registered. The vat threshold limit at which businesses are liable for
vat is £61,000 up to April 2007 and subject to possible changes after
that date. Advanced and more sophisticated Accounting Software for the
self employed who also employ staff are available with integrated
payroll software included in the Accounting Software packages.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
best Accounting Software will not only produce your self employed
financial accounts but also produce the HM Revenue and Customs returns.
Accounting Software that has automated the vat returns each quarter,
Payroll Software that completes the time consuming P11 employee
deductions working papers and simplifies the P60 year end certificates
and P35 employers' annual paye return.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
And most crucially Accounting Software that automates the Self Assessment tax return.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accounting Software and Self Assessment Tax Returns</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
Self Assessment tax return is a complex document for the initiated. It
doesn't have to be, for a small business with turnover under £15,000 the
self assessment tax return can be completed by entering totals of self
employed sales, expenses and net profit on page one. For larger self
employed businesses more complex calculations are required. Capital
Allowances, balancing charges, base periods and expense analysis are
beyond many self employed. Self employed businessmen are experts in
their field of operations and often require help with these accounting
based elements that an accountant or Accounting Software can provide.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
best Accounting Software can take the simple lists of financial
transactions and by clever use of formulae built into excel spreadsheets
transform the year end experience by automating the production of the
self assessment tax return. It isn't impossible, if a calculation can be
made mathematically then a quality Accounting Software package can
automate the process using formulae within excel to produce the
calculations and offer the Self Employed businessman an automated Self
Assessment Tax Return.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A function that Accounting Software can do
at a fraction of the price an accountant might charge for this service.
Accounting Software for the Self Employed should produce the Self
Assessment tax return as the end product. The Self Assessment tax return
is the Self Employed end product of his financial endeavours and
therefore the Self Assessment tax return has to be the end product of
any quality Accounting Software.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-57835307563243165012013-02-06T21:46:00.000-08:002013-07-16T21:47:45.803-07:00Setting Up Your Chart of Accounts<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIRj0r0LnhIHWuOitjKl-rK4_SdC4Y6pG3upwzxhIOSvK5cKt_Jk61LWx4rBoNLQvRQGJCM572bonVrKcqZn4n_SiHqlOXsU5d3ET3_8Vefuo-EW7qK2b8sZc6O9x_k89sn_Ap6Sg_lCs/s1600/AccountingPic.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIRj0r0LnhIHWuOitjKl-rK4_SdC4Y6pG3upwzxhIOSvK5cKt_Jk61LWx4rBoNLQvRQGJCM572bonVrKcqZn4n_SiHqlOXsU5d3ET3_8Vefuo-EW7qK2b8sZc6O9x_k89sn_Ap6Sg_lCs/s400/AccountingPic.jpg" width="400" /></a></div>
<div style="text-align: justify;">
While installing your new accounting software you have most
likely been asked whether you would like to use one of the default
charts of accounts included with the program or develop your own. Unless
you are very familiar with setting up a set of financial books you will
want to choose from one of the selections offered. And even if you have
the experience choosing one of the defaults will save you a great deal
of time. But you may ask what if I don't need all these accounts and how
do I know which accounts I should keep. And should I use a numbering
system or not? Let me help you by explaining just what a Chart of
Accounts is and how to adjust the default list to your needs.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
First
of all a Chart of Accounts in its simplest definition is a list of
accounts used to track all financial transactions that flow through a
business. This list is typically broken in to eight segments: Assets,
Liabilities, Equity, Income, Cost of Goods Sold, General and
Administrative Expenses, Other Income and Other Expenses. You might see
Equity referred to as Capital, Cost of Goods Sold referred to as Direct
Costs, and General and Administrative Expenses referred to as Expenses.
Companies that wish to track Sales Expenses such as commissions,
salaries and related expenses of sales personnel and other costs related
directly to sales activity might also add a Sales Expense segment.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
first three segments represent the accounts you will find on a Balance
Sheet and they will be broken down into sub-segments. Under Assets you
will find sub-segments for Current Assets, Fixed Assets and sometimes
Other Assets. Current Assets accounts are used for assets that can be
readily liquidated into cash, such as cash, investments, accounts and
notes receivables, and deposits. You may choose when setting up more
than one cash account or receivable account to create a further segment.
This will allow you to summarize all your cash accounts, for example,
on your balance sheet while keeping a separate recording account for
each bank account. Fixed Assets accounts are used to record the cost of
items purchased that have a useful life that extends beyond one year.
The Fixed Assets segment also includes contra-accounts (reduction of the
value of an asset) that are used to record the depreciation of your
fixed assets. These contra-accounts are typically named "Allowance for
Depreciation - (name of type of fixed asset)". You should have a fixed
asset account and corresponding depreciation account for each type of
fixed asset you purchase. Some examples are vehicles, office equipment
and furniture, building or leasehold improvements. The Other Assets
segment is used for all other types of assets.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Likewise the
Liabilities segment is broken into Current Liabilities and Long-Term
Liabilities. Current liabilities represent the company's liabilities
that are to be paid in less than one year. Examples are Accounts
Payable, Payroll Tax Liabilities, and Note Payables. Long Term
Liabilities represent liabilities that are to be paid over a longer term
than one year such as mortgages, vehicles loans and other long term
debt.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The third segment of the balance sheet is the Equity, or
Capital, segment. This segment consists of accounts that record the
owner's, partners or shareholders investments, draws of profits taken
from the company by the investors and the net earnings of the company.
For each owner or partner within a business entity there should be an
individual investment account and draw account. When a company is
incorporated than the capital investment by the shareholders is recorded
into capital stock accounts. These accounts may be broken down further
if different types of stock are issued. The Retained Earnings account is
used to record the profit, or loss, the company has earned from the
beginning of its existence. Usually you will not be posting to this
account, as this is the account your software program will use to close
out your end of year income statement accounts.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Moving on to the
Income Statement segments, you will want to have in the Income segment
accounts to record each type of income you earn in the course of your
business. You may want to break out your sales income into more than one
account if you have more than one type of service or product. For
example if you are a general contractor you may want to track how sales
compare between remodeling and new homes.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Cost of Goods Sold or
Direct Costs are those expenses that relate directly to the sale of a
product or service. Again if you are a contractor these typically would
include payroll and payroll expenses of your workers, materials,
subcontractors, permits, general liability and workman's compensation
insurance, equipment rentals, etc. They would not include rent or office
supplies.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
General and Administrative Expenses are business
expenses incurred that are not dependent on the sale of a product or
service. They include rent, phone, office payroll and payroll expenses,
employee benefits, office supplies, utilities, etc.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Other Income
typically includes non-sales income such as interest income. Federal and
State Income Taxes and any related interest and penalty expenses are
what you will find in the Other Expense segment.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Now that you have
an idea of how a Chart of Accounts if typically set up, how do you pick
and choose what accounts to keep and which to delete? Print out the
default list and go through it choosing the accounts you think you will
need. You will need at least one cash account, an account receivable and
accounts payable account. If you do not have employees and don't ever
expect to have any than by all means delete all accounts with payroll in
the name. If your company will not be making investments than delete
all accounts having to do with investments under Current Assets. You get
the picture - however it is easier to keep what you think might be
needed sometime in the future. Your program may not let you delete some
accounts because they are being used in conjunction with another account
or accounts. Let them be. You can also edit account names - as long as
the new account name belongs in the same segment as the one you are
replacing.</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-68389599925702738472013-01-16T21:45:00.000-08:002013-07-16T21:46:37.633-07:00Accountant Job Description<div id="article-content" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibBjUwpkBypdxk_B4W1QnzVzxE6_h8TiThhlu93PRJ5a5HU3HIXEqqcNY_xxt_F9gVSECbCpFCYh1EqqPc9-jf8wdVDqjiX8xc-p0yTZi-YfMOahev9C5fH8lFr8maghPb5sP28OHDQ80/s1600/1308626026_218379378_1-Larawan-ng--ACCOUNTING-FOR-NON-ACCOUNTANTS.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibBjUwpkBypdxk_B4W1QnzVzxE6_h8TiThhlu93PRJ5a5HU3HIXEqqcNY_xxt_F9gVSECbCpFCYh1EqqPc9-jf8wdVDqjiX8xc-p0yTZi-YfMOahev9C5fH8lFr8maghPb5sP28OHDQ80/s400/1308626026_218379378_1-Larawan-ng--ACCOUNTING-FOR-NON-ACCOUNTANTS.jpg" width="400" /></a></div>
<div style="text-align: justify;">
An accountant's job entails working to ensure that business firms
and individuals are keeping good records and paying taxes properly and
on time. Though the accountant job description for some accounting
positions may be simple, other accountant job descriptions are not quite
as clear because of the number of duties that are required.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In
general, an accountant performs vital functions to businesses, as well
as individuals, of all types by offering a very wide array of business
and accounting services, including public, management and government
accounting, as well as internal auditing. These four major fields of
accounting, and in addition to having a minimum of a bachelor's degree,
each has a separate accountant job description.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
1. Public Accountant</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A
public accountant job description can be summed up in what most people
envision as "typical" accountant's work. It involves performing a broad
range of accounting, auditing, tax, and consulting activities for their
clients, which may be corporations, governments, nonprofit
organizations, and individuals. Specialties in public accounting are
often chosen. For example, a public accountant may choose to concentrate
on tax matters, such as advising companies about the tax advantages and
disadvantages of certain business decisions and preparing individual
income tax returns. Other public accountants may choose areas such as
compensation or employee health care benefits, or may design accounting
and data processing systems. Still other public accountants may choose
to specialize in auditing financial statements and inform investors and
authorities that statements have been correctly prepared and reported.
Public accounts are usually Certified Public Accountants (CPAs), and
generally own their own businesses or work for public accounting firms.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
2. Management Accountant</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Another
accountant job description is that of a management accountant. Also
called a cost, managerial, industrial, corporate, or private account,
management accountants record and analyze the financial information of
the companies for which they work. The management accountant job
description includes a detailed listing of responsibilities, such as
budgeting, performance evaluation, cost management, and asset
management. Management accountants are often a part of executive teams
involved in strategic planning or the development of new products, where
they analyze and interpret financial information that corporate
executives need in order to make sound business decisions. They also
prepare financial reports for other groups, including stock holders,
creditors, regulatory agencies, and tax authorities. Management
accountants are usually a part of an accounting department, employed a
large company, and may work in many areas that may include financial
analysis, planning, budgeting, and cost accounting.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
3. Government Accountant</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
A
government accountant works in the public sector, maintaining and
examining the records of government agencies and auditing private
businesses and individuals whose activities are subject to government
regulation and/or taxation. This accountant job description, while
detailed, is much more specialized. Government accountants are employed
by Federal, State, or local governments, and work to guarantee that
revenues are received and expenditures are made in accordance with laws
and regulations. Those employed by the Federal government may work as
Internal Revenue Services agents or in financial management, financial
institution examination, or budget analysis and administration.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
4. Internal Auditor Accountant</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
accountant job description of an internal auditor can basically be
summarized by the job title. Internal auditors verify the accuracy of
their organization's internal records, and check for mismanagement,
waste, or fraud. It is an increasingly important area of accounting,
because internal auditors examine and evaluate their firms' financial
and information systems, management procedures, and internal controls to
ensure that records are accurate and controls are adequate to protect
against fraud and waste. They also review company operations, evaluating
their efficiency, effectiveness, and compliance with corporate policies
and procedures, laws, and government regulations. The accountant job
description of an internal auditor can vary with different companies,
and may include job duties such as electronic data processing,
environmental auditing, engineering, legal auditing, insurance reviews,
banking, and health care auditing.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Accountants in all four areas
can work for a company, or can be employed by an accounting firm, which
would in turn be hired by a company for consulting. An accountant can
also be self-employed, and provide accounting services to individuals,
businesses, or both.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Most accounting jobs include an accountant
job description that requires a bachelor's degree, at minimum, in
accounting or a related field, and some accountant job descriptions
might include the requirement of a master's degree or Certified Public
Account (CPA) certification, obtained through a four-part, Uniform CPA
Explanation prepared by the American Institute of Certified Public
Accountants (AICPA). While the two-day CPA examination is rigorous, and
only about 25 percent of those taking the exam pass every part they
attempt, CPA certification can greatly assist in the rate of pay
received, and in most states, the examination can be taken in two parts,
which may assist in preparing for and passing the exam.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
According
to the United States Department of Labor, employment of accountants and
auditors is expected to grow at a faster than average rate, for all
accounting occupations from all accountant job descriptions mentioned,
through the year 2014. This is due to an increase in the number of
businesses nationwide, changing financial laws and regulations, and
increased scrutiny of company finances. In addition to these reasons for
new accounting jobs opening up, there will also be a need to replace
accountants and auditors who will retire or transfer to other
occupations.</div>
<div style="text-align: justify;">
The field is also becoming more specialized due to
technology and new, accurate accounting and auditing software experience
becoming a crucial addition to an accountant job description. An
accountant job description may include, in addition to educational and
technological requirements, strong interpersonal and communication
skills, simply due to the fact that most accountants work on teams with
others from different backgrounds, and will need the ability to
communicate accounting and financial information clearly and concisely.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Regardless
of one's qualifications, competition in the accounting field will
remain strong for the most prestigious jobs, as well as for obtaining
clients for those accountants that are self-employed.</div>
</div>
Anonymoushttp://www.blogger.com/profile/06974347562061592083noreply@blogger.com0tag:blogger.com,1999:blog-3446471260198004719.post-17636819531767048212013-01-08T21:32:00.000-08:002013-07-16T21:45:14.560-07:00Forensic Accounting - a New Paradigm For Niche Consulting<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0coFyVP06Ak0b3I3nPnQ6QTL2RAEDBsQaxXA9FWN85cJGsMCvoJOjbzJlNzZsa7Q5CPDSGTUUcE1qbuZkuv0PIt0Ha-ZqTROtGldUAAN0ppjc25SV8O0DULoWhVeIMF3ogxBcxZiQneU/s1600/AccountingPic.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0coFyVP06Ak0b3I3nPnQ6QTL2RAEDBsQaxXA9FWN85cJGsMCvoJOjbzJlNzZsa7Q5CPDSGTUUcE1qbuZkuv0PIt0Ha-ZqTROtGldUAAN0ppjc25SV8O0DULoWhVeIMF3ogxBcxZiQneU/s320/AccountingPic.jpg" width="320" /></a></div>
<div style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvac32BUnkETU5oIBeefo3Z5J7iIcugE_VepD3muVn6ue0DpmXHTAJ3jOJ9BoJ3TUK3nnk6p6VZu4MPrULOzczJYb55hUhgqqVtajE-Tz9_3n8alZxVOr3piTsuflFyoTsk6mBKEALbXE/s1600/advantage-sme-accounting-software.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvac32BUnkETU5oIBeefo3Z5J7iIcugE_VepD3muVn6ue0DpmXHTAJ3jOJ9BoJ3TUK3nnk6p6VZu4MPrULOzczJYb55hUhgqqVtajE-Tz9_3n8alZxVOr3piTsuflFyoTsk6mBKEALbXE/s320/advantage-sme-accounting-software.jpg" width="320" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-hAvDvo3fMkc1Ew98N-x-Xrp8uNazAUfo991dNflcNF8xqNZzAsQzTPz5N7xbAF034q6AipDp-VK_EN1Js-Su7sHgsH0qKnU7-2ubEjgXoFDIm2Nf8ta2_rd9bi7x7Y_DbyO3miyALw0/s1600/1308626026_218379378_1-Larawan-ng--ACCOUNTING-FOR-NON-ACCOUNTANTS.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-hAvDvo3fMkc1Ew98N-x-Xrp8uNazAUfo991dNflcNF8xqNZzAsQzTPz5N7xbAF034q6AipDp-VK_EN1Js-Su7sHgsH0qKnU7-2ubEjgXoFDIm2Nf8ta2_rd9bi7x7Y_DbyO3miyALw0/s320/1308626026_218379378_1-Larawan-ng--ACCOUNTING-FOR-NON-ACCOUNTANTS.jpg" width="320" /></a>OBJECTIVES OF WRITING THIS ARTICLE: Forensic accounting(F.A.)
has come into limelight due to rapid increase in financial frauds and
white-collar crimes. But it is largely untrodden area in India.The
integration of accounting, auditing and investigative skills creates the
speciality know as F.A.The opportunities for the Forensic Accountants
are growing fast;they are being engaged in public practice and are being
employed by insurance companies, banks, police forces, government
agencies etc.This article seeks to examine the meaning and nature,
activities and services rendered, core knowledge and personal skills
required for forensic accounting as a specialized field in accountancy
profession. Indeed there is a future in F.A. as a separate niche
consulting.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The lack of respect and belief in India's law
enforcement agencies and the rate at which white-collar crimes have
increased has prompted the development of Forensic Accounting in India.
The fraud detecting agencies seems to lack time and devotion needed for
detecting and prevention of errors and fraud. According to a large
global accounting firm, the market is sufficiently big enough to
maintain an unit devoted entirely towards "forensic accounting". Many
large as well as small accounting firms as well as the tiny firms have
inculcated or rather developed separate forensic accounting departments.</div>
<div style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTEDFExwQ7IuzWMwEJBFqESdLsBSSlcA8WEcypOTQuOzfbCB-6QCNjYIyD9KUXfj2xhPKGjBX_WWkyRjTdu5VvZCc03vecmWacIyZeQwdxSPwqarAVLW5vGRJPKTxeswg4SkZ395za8Ow/s1600/basic-accounting-tips.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTEDFExwQ7IuzWMwEJBFqESdLsBSSlcA8WEcypOTQuOzfbCB-6QCNjYIyD9KUXfj2xhPKGjBX_WWkyRjTdu5VvZCc03vecmWacIyZeQwdxSPwqarAVLW5vGRJPKTxeswg4SkZ395za8Ow/s320/basic-accounting-tips.jpg" width="320" /></a></div>
<div style="text-align: justify;">
We
were of the belief that detection and prevention of frauds or
white-collar crimes is part of conventional accounting function. It was
thought that the frauds, both internal as well as external has be to
detected by the auditors through their periodic audit. Now it is crystal
clear that auditors can only check for the compliance of a company's
books to generally accepted accounting principles, auditing standards
and company policies. Hence the need was felt to detect the frauds in
companies that are suspected to be engaged in fraudulent transactions.
This field of accounting is known as "forensic accounting".</div>
<div style="text-align: justify;">
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The
litmus test of investigation, first introduced by the ever great
Sherlock-Homes(considered by many as the father of Forensic Accounting)
is perhaps the first ever application of forensic accounting. Though,
the contribution of the other few great historians to the field of
forensic accounting cannot be overlooked. They used various tricks to
investigate various crimes.</div>
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F.A. is a specialized a area of
accounting practice that describes engagements which result from actual
or anticipated disputes or litigation. The word "forensic" means
"suitable for use in court". The forensic accountants have to keep in
mind this statement while they have to work or chalk out their
programme. The F.A. work is tailor made according to the situation and
need. The gathering of information and evidences is done according to
the need and situation. We can say, it is customized according to the
situation. The forensic-accountants give expert evidence at the ultimate
trial. All the modern medium-sized as well as the large-sized
accounting firms have specialized forensic accounting departments.
Within these firms there may be specialized forensic accounting
departments. Within these groups their may be further
sub-specializations. Various sub-specializations include insurance
claims, personal injury claims, fraud detection, construction or royalty
audits. Nearly 40 percent of the top 100 US accounting firms are
expanding their forensic and fraud services, according to Accounting
Today. Now if we consider this data as significant then we can say that
the total contribution of forensic accounting to the total revenue of
the C.A. firms would be highly significant in the years to come. Under
rising instances of frauds and litigation and flourishing businesses
these services are considered to be very significant as they are
rendered at a very competitive price.</div>
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The forensic accountants
utilize the various information relating the business, utilizes
financial reporting systems, various accounting and auditing standards
and procedures, investigative techniques and litigation processes and
procedure to perform their work. By acting as advisors to audit
committees and assisting in investment analyst research, they are
playing more "proactive" risk reduction roles.This is possible by
designing and performing extended procedures as part of the statutory
audit. The objectives of such an accounting include measurement of
losses caused by an auditor due to his negligence, to look into the
matter whether their has been any embezzlement of cash, the amount,
necessity of criminal proceedings, computation of asset values in a
divorced proceeding.</div>
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The primary approach technique of forensic
accounting is explanatory analysis(cause and effect)of the
phenomena-including the discovery of deception(if any), and its effects
-introduced into an accounting system field. The primary methodology
employed by the forensic accountants is the verification of the
objective. They are trained to deal with real world business and do have
the sufficient expertise to look beyond(behind) the numbers. The scope
of the forensic accountants are growing at a rapid pace. The increase in
their work opportunities have been accelerated due to the fall of the
Enron corporation and the collapse of the American Twin Towers.</div>
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This
has led to increase in the demand for American forensic accountants. So
as far India is concerned, formation of Serious Fraud Investigation
Office(SIFO) is a landmark creation so far as forensic accountants are
concerned. Failure of regulators to track security scams, increasing
cyber crimes, chain of cooperative banks bursting -all point to the ever
increasing need for forensic accountants. Our understanding of the need
for forensic accountants is immaterial here. In India due to the
growing number of frauds the need for forensic accountants is ever
increasing. The regulatory and administrative agencies will put pressure
for greater demand of forensic practices. This has been initiated due
to the changing nature of Indian and International accounting.Auditing
and assurance standards also confirm this. A change in the curriculum
can be initiated if the written exams and practical industrial training
are boosted to show the "new knowledge base and skill-set" required by
the professional accountants in the new era. It is therefore recommended
that the "forensic accounting and auditing" be introduced as a paper in
the various professional examinations conducted by the various
accounting bodies in India. Unfortunately forensic accounting is largely
an unexplored area as far as India is concerned. The chartered
Accountants(CAs) deal with such cases in an irregular fashion. In the
western counter-part(countries), the Lawyers, police, insurance
companies, government and regulatory bodies, banks, courts and business
communities are increasingly utilizing the services of the forensic
accountants.The accountants and the auditors must have the skills and
expertise to venture into the emerging field of forensic accounting.</div>
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What
Is Forensic Accounting? The growing needs of corporations has changed
the definition of forensic accounting. As per Bologna and Indquist, "the
application of financial skills and an investigative mentality to
unresolved issues, conducted within the context of rules of evidence.It
is a new emerging field that encompasses financial expertise, fraud
knowledge, and a sound knowledge and understanding of business reality
and the working of the legal system."It means that the forensic
accounting should be skilled not only in financial accounting but also
internal control systems, the legal matters, other institutional
requirements, investigative blend of mind and interpersonal skills.</div>
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