Tag Archives: #AccountingInsights

Prepares financial statement: Who prepares the financial statements ?

Prepares financial statement The financial statements are typically prepared by the company’s accounting and finance department or by professional accountants and auditors. These individuals have the knowledge and expertise to accurately compile and analyze financial data in accordance with accounting principles and standards. It is mandatory to Prepares financial statement. In smaller businesses, the financial… Read More »

Q355 Is a discount an Asset or Liability?

Asset or Liability Asset or Liability, A is neither an assets nor a liability. Instead, it is a reduction in the price of a good or service offered by a company. Therefore, it is treated as a reduction from the revenue earned by the company rather than as an assets or a liability… Read More »

Q10.39 Book keeping and accounting meaning ?

Book keeping and accounting meaning Website link Book keeping and accounting meaning Bookkeeping and accounting are two closely related concepts that involve the recording, organizing, and reporting of financial transactions and information for a business or organization. While they are interconnected, they have distinct meanings: Bookkeeping: Bookkeeping refers to the process of recording and maintaining… Read More »

Book keeping and Accountancy difference

Bookkeeping v/s Accountancy Bookkeeping v/s Accountancy, Bookkeeping can be accomplished without relying on QuickBooks or any other accounting software, while still maintaining its distinctiveness: 1. Scope: Bookkeeping primarily focuses on recording and organizing financial transactions, such as recording sales, purchases, payments, and receipts. It involves maintaining accurate and detailed records of these transactions using journals, ledgers,… Read More »

How to prepare provisional financial statements?

Provisional Financial Statements Preparing provisional financial statements entails the development of interim financial statements for a designated timeframe prior to the availability of the final statements. Here are the steps to prepare Provisionals financial statements: 1. Gather Available Data: Collect all available financial data for the period you want to prepare the pro visional… Read More »

Q10.20 Comparing bookkeeping and accounting: Is bookkeeping and accounting the same thing ?

Comparing bookkeeping and accounting Website link Comparing bookkeeping and accounting No, bookkeeping and accounting are distinct entities, albeit closely intertwined. Bookkeeping is a subset of accounting and refers to the systematic process of recording, organizing, and maintaining financial transactions of a business. It involves tasks such as recording transactions in journals, posting entries to… Read More »

Where book keeping ends accountancy begins?

Bookkeepings and Accountancy Bookkeepings and accountancy are closely related disciplines that work together to manage a business’s financial records and provide valuable insights for decision-making. While bookkeeping focuses on recording and organizing financial transactions, accountancy goes beyond that to analyze and interpret the financial data. Here’s where the transition from bookkeeping to accountancy occurs:… Read More »

Q10.16 Bookkeeping vs accounts payable: What is the difference between bookkeeping and accounts payable ?

Bookkeeping vs accounts payable Website link Bookkeeping vs accounts payable: Bookkeeping vs accounts payable are interconnected yet separate components of financial management within a company. Here are the differences between bookkeeping and accounts payable: Bookkeeping: Bookkeeping is the process of recording and organizing financial transactions in an organized and systematic manner. It involves tasks such… Read More »

How is bookkeeping different from accounting?

Bookkeeping vs Accounting Bookkeeping vs accounting are two interrelated yet separate functions within the realm of financial management. The following are the fundamental distinctions between bookkeeping and accounting: Scope: Bookkeeping focuses on the systematic recording and organization of financial transactions. It involves tasks such as maintaining ledgers, recording income and expenses, reconciling accounts, and… Read More »

Is book keeping Accounting?

Is BookKeeping Accounting There is important answer of Is BookKeeping Accounting question. Book keeping and accounting are closely related disciplines within the field of finance, but they are not the same thing. Book keeping is a fundamental component of accounting, serving as the process of recording and organizing financial transactions. It involves tasks such… Read More »