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Tag Archives: account
What is Revenue?
Revenue is money received by a company or other organization. For companies, most revenue comes from selling products or services to individuals or other companies. It is also possible for companies to earn revenue through financial investments. For accounts to … Continue reading
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What are Current Liabilities?
A current liability is the opposite of a current asset. It is a financial obligation which a company is expected to have to discharge within a short period of time, sometimes formally defined as one year or the current financial … Continue reading
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What are Current Assets?
A current asset is a highly liquid asset which is expected to be used up within a short period time. Examples of current assets include cash, inventories of goods, accounts receivable ( in other words, invoices which have been issued … Continue reading
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What is Cash Flow Statement?
A cash flow statement is an accounting document which shows the amount of cash held by a company over a defined period of time. It records the various transactions the company engaged in and how they affected its cash reserves. … Continue reading
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What is Book keeping?
Book-keeping is the practice of maintaining a careful record of all of a person or organization’s income and expenditures. In modern times, book-keeping is often regarded as essential so that a person or organization can discharge tax obligations to the … Continue reading
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What is Audit?
A financial audit is an external check on a company’s accounting procedures which verifies that financial statement have been compiled usually a generally accepted methodology and are substantially free from error. Usually it will be performed by a specialized accounting … Continue reading
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What is Asset?
In accounting terms, an asset is an economic resource controlled by a company which is expected to produce benefits to the company in future. Assets are categorized as either current assets or long-term assets. Current assets are assets whose value … Continue reading
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What is Annual Report?
An annual report is a collection of financial documents which, by law, some companies are required to prepare and submit each year to the government and to shareholders. Legal requirements vary slightly from country to country but normally an annual … Continue reading
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Definition of Accountant
An accountant is someone professionally trained and accredited to handle company accounts. Incorporated companies are required to file sets of company accounts on a yearly basis. Failure to file accounts in a timely fashion, or in a way that complies … Continue reading
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