Understand control accounts in Bookkeeping Introduction I am Vathani Ariyam, the author of this online course, “Understand control accounts in Bookkeeping,” It is a valuable course for business owners to master the sales and purchase accounts and check with cash flow and the budget. The students are on the lookout […]
What is the purpose of controlling accounts? Control accounts help in keeping the general ledger clean. If not, it will end up having too many entries in there. But it will have accurate entries to prepare the financial statements at the end of the financial year. Many of the accounts seen […]
What happens when liabilities exceed assets? What is a liability? Liability is the amount a business owes to others, like more loan payments and creditors, which means the company is in debt. What is an asset? An asset consists of land & buildings, equipment, machinery, and debtors, that is, the money […]
Accounting tips to prevent fraud in business I am Vathani Ariyam, the author of this online course, Accounting Tips to prevent fraud in Business; you meet many people in your life while you are in business. Are you a business owner or want to help someone save the company from scammers? […]
What are the features of the accounting discipline? You know an organization’s economic health by disciplining, identifying, and measuring using accounting. The discipline of accounts is easily understandable when you have a solid understanding of other organized disciplines. The definition of accounting is the record keeping of all the financial transactions […]
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 […]