What are the common types of fraud in business? It is common to target small businesses because they are aware of the lack of security in the industry. Not all small businesses can afford to set systems to detect scammers straightaway when they try to do something. Therefore, they are encouraged […]
What happens if internal control fails? Imposing internal control is crucial to ensure regulatory or legal compliance is the most important for a company; otherwise, the business might face massive fines or become chargeable for a criminal offense. Some of the ineffective control could be in the form of useless information […]
What type of account is the Dividends account? What are dividends? The dividend is the distribution of some of a company’s earnings to a class of its shareholders, as determined by the company’s board of directors Dividends are payments to reward investors for putting their money into the venture. Types of […]
What are the essentials needed in a business report? An executive’s report shows detailed information about the organization’s history, staff, and volunteers working for a specified period. Besides, it is customary to include a financial statement in the organization’s annual report. It also indicates the plans for future activities and developments […]
How do you work out retained earnings? What has retained earnings? Usually calculated at the end of each financial year by doing the profit and loss account and then deducting any dividends paid out. Then the balance carried forward to the following year and showed in the balance sheet. Tips for […]
What is daily in bookkeeping in a business? First, we must see whether the business uses a cash or accrual basis to ensure the accounting system is set up. Cash basis The sample spreadsheet for What is daily in bookkeeping in a business? Sundries Materials Travel Cash Peter Fees T’phone […]
What is the difference between assets and inventory? Inventory is a part of the business’s current assets, like goods and materials, to generate revenue. Not all companies have inventory businesses like providing services will not have inventory, but the manufacturing will have inventory and central tat. Whereas assets are concerned, all […]
Accounting for e-commerce business Accounting is a painful necessity for business owners. It is the dull side of the business. However, if you want your business to grow, you cannot avoid it. Packing all your receipts and handing them to a stranger is not good enough. In addition, you do not need […]