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What is accounting?
Definition of accounting According to the American Institute of Certified Public Accountants (AICPA), “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof.
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Kinds of MIS Reports
What is an MIS report? MIS, or Management Information Systems, refers to the use of information technology to support decision-making, improve business operations, and support strategic planning. In the simplest terms, an MIS report can be described as a system that provides important information for the management of your company. MIS collaborates with people, technology, […]
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Audit of Sales
What are Sales? Sales is the process of exchanging goods or services for money. It is a common commercial activity that is essential for the success of most businesses. Sales typically involve a seller offering a product or service to a buyer in exchange for payment. The seller may be an individual, a company, or […]
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Audit of Purchases
What are Purchases? Purchases are the acquisition of goods or services for personal or business use. In a business context, purchases are transactions in which a company acquires goods or services from another company or individual in order to produce or resell the goods or services. Purchases are typically made with the intention of generating […]
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Big 4
Big Four Accounting Firms (Big 4) are the top accounting firms that are globally recognized for providing auditing, assurance, taxation, management consulting, actuarial, corporate finance, and legal services. The Big Four Firms are Deloitte, Price Waterhouse Coopers (PwC), Ernst & Young (E&Y), and Klynveld Peat Marwick Goerdeler (KPMG) Deloitte Deloitte Price Waterhouse Coopers (PwC) Price […]
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How to audit accounts
Auditing accounts involves reviewing and verifying the accuracy of a company’s financial records. This is typically done by an independent accountant or firm to ensure that the financial statements accurately reflect the financial position of the company. The process typically involves a detailed review of the company’s financial records, including its income statements, balance sheets, […]
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Ways to absorb overheads
There are several ways to absorb overheads, including:
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How to create a journal voucher on Tally
Journal Voucher A journal voucher is a document used to record a financial transaction in a company’s general ledger. It typically includes information about the transaction, such as the date of the transaction, the accounts that were affected, and the amounts involved. Journal vouchers are used to record transactions that cannot be recorded directly in […]
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How to retrieve Trial Balance on Tally
Trial Balance A trial balance is a financial statement that lists all of the accounts in a company’s general ledger and their balances at a specific point in time. The purpose of a trial balance is to ensure that the total of all debits equals the total of all credits, indicating that the company’s books […]
