All businesses and organisations have to check to see that the information they have stored is accurate. For example, the money coming in and going out have to be correctly recorded otherwise it will look as if the company has not made much profit and it can affect the share prices of the company, affect the employees as the company might not be able to pay the employees and will have to cut down on staff, lenders will not agree to lend money, etc.
1.1 Describe the different types of documents that may be produced from the notes and the formats to be followed.
The description of different types of business documents produced and their format to be followed are as follows:
1) Book-keeping is the art of keeping and maintain accounts in the prescribed manner whereas accounting is mainly concerned with the design of the system of records, preparation of reports based on the recorded data , and interpretation of the reports.
If the documents are incorrect in some way this can have adverse effect on a business and documents can make a significant contribution to the effectness and efficiency of the business.
The school bookkeeper is primarily responsible for the checks and balances that are made in regards to the overall school budget. The bookkeeper
Historically, accounting was performed in columned ledger books and required hours to record relevant information. Each transaction was recorded in
Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial
(1) bookkeeping or other services related to the accounting records or financial statements of the audit client;
Although the sales for both entities experienced an increase, Profit Margins are all decreased over the two years.The ratios for Oroton in both years is 20.5 cents and 22.2 cents respectively.The slightly drop is owing to the increasing cost of sales and operating expense. However, Oroton performed well under the difficult trading condition .Compared with Oroton,Country Road has a quite large sales reached up to 419812 million dollars due to the company strategy which was developing the new market and closed unprofitable stores but the profit is disproportionate smaller(21058M) and result in the profit margin are ony 5 cents and 5.7 cents over the two years.This
This process is referred to as bookkeeping, which is simply entering each transaction that affects the financial position of the business in a ledger.
2. Documentation--consists of the client's business documents used to support accounting events. The strength of documentation is that it is prevalent and available at a low cost. Documents can be internal or externally generated. Internal documents provide less reliable evidence than external ones, particularly if the client's internal control is suspect. Documents that are external and have been prepared by qualified individuals such as attorneys or insurance brokers provide additional reliability. The use of documentation in support of a client's transactions is called vouching. It is important to note that electronic records are considered valid documents, per SAS 80.
In today's time the accounting and book keeping ranges from the old way of paper and pen to extremely large accounting data base systems for the major companies and organizations around the world; although either system could be used but
Three products of accounting and bookkeeping procedures that are most useful in personal financial planning would be (1) understanding and
Record-keeping and book-keeping is the disciplined and orderly practice of storing financial loss, gain, producing invoices, depositing incoming cash and checks, tracking donations and work purchased items. Business