Bank Overdraft & Cash Credit Bank overdraft and cash credit facilities are both forms of short-term borrowing provided by financial institutions to individuals and businesses. Here’s a detailed explanation of each: 1. Bank Overdraft: i. An overdraft is a financial arrangement where a bank allows an account holder to withdraw funds from their account even… Read More »
Preparing Projections for BalanceSheet Preparing projections for a balancesheet involves forecasting the financial position of a business at a future date based on anticipated data and assumptions. Here are the steps to prepare projections for a balance sheet: 1. Gather Historical Financial Data: Collect the past financial statements, including balance sheets, income statements, and… Read More »
Preparing financial statements Preparing financial statements: The objectives of preparing financial statements are as follows: 1. Providing Information: Financial statements aim to provide relevant and reliable information about the financial performance, position, and cash flows of an entity. They offer insights into the organization’s financial activities, enabling stakeholders to make informed decisions. 2.Assessing Performance: Financial… Read More »
Qualifies as Liquid Net Worth Qualifies as Liquid Net Worth, Liquid net worth is the term used to describe the part of someone’s or an organization’s total net worth that comprises assets which can be easily convert into cash without experiencing substantial depreciation in value or time delay. The specific assets that qualify as… Read More »
Preparing financial analysis report Preparing financial analysis report: entails the examination and interpretation of financial information to evaluate a company’s performance and overall financial well-being. Here are the steps to prepare a financial analysis report: 1. Gather Financial Statements: Collect the financial statements of the business, including the balance sheet, income statement, and cash… Read More »
Preparing the financials of a company Preparing the financials of a company involves several steps. Here is a general outline of the process: 1.Collect and Organize Financial Data: Gather all relevant financial information, such as transaction records, bank statements, invoices, receipts, and other supporting documents. Ensure that the data is accurate, complete, and organized… Read More »
Considered Liquid Net Worth What Is Considered Liquid Net Worth? Liquid net worth is a key financial metric that helps measure your financial health by looking at how much money you can quickly access. It’s the portion of your wealth that can be easily converted into cash to cover expenses or emergencies. What Are… Read More »
Book keeping and Accountancy class 11 Book keeping and Accountancy class 11, In Class 11, students are introduced to the fundamentals of bookkeeping and accountancy. The subject aims to provide students with a basic understanding of financial transactions, recording them accurately, and preparing financial statements. Here are some of the key topics cover in Class… Read More »
Bookkeeping accountant job description A bookkeeping accountant, alternatively referred to as a bookkeeper or accounting clerk, assumes a vital position in upholding accurate financial records and verifying the precision of monetary transactions within an organization. Here is a general job description for a bookkeeping accountant: Financial Record Keeping: Maintain accurate and up-to-date financial records… Read More »
Bookkeeping Accounting Principles Bookkeeping Accounting Principles are closely intertwine terms that encompass the meticulous documentation, arrangement, and communication of financial transactions and data for a business or organization. Despite their interconnections, these two concepts hold separate significance. Going Concern Principle: This principle assumes that a business will continue its operations in the foreseeable future.… Read More »
