Records Management Records Management for each type of fuel sold by fuel dealers holds significance for various reasons: 1. Tax Compliance: Different types of fuel may have distinct tax regulations. By maintaining separate records, fuel dealers can easily trace income and expenses for each fuel type, ensuring compliance with relevant tax rules. 2. Inventory Management:… Read More »
Working capital management Working capital management refers to the administration of a company’s short-term assets and liabilities to ensure it operates efficiently and maintains adequate cash flow. It plays a crucial role in a company’s financial health by balancing liquidity (the ability to meet short-term obligations) with profitability. By optimizing working capital, businesses can sustain… Read More »
The functions of the accounts receivable The functions of accounts receivable in accounting are as follows: 1.Recording Sales: Accounts receivable records the amount of money owed to a business by customers for goods or services sold on credit. It serves as a record of credit-based sales made by the business. 2.Payment Tracking: Accounts receivable tracks… Read More »
Inventory Asset Classification Inventories is typically categorized as a current asset in the balance sheet of a business. Inventory Asset Classification is because inventory expect to sell or consume within the normal operating cycle of the business, which is usually within one year. However, if the inventory is held for a longer period of time,… Read More »
