Category: Accounting

Category of Accounting articles

BROTHER SEWING MACHINE

INNOV IS 15P INNOV IS 15P SPECIFICATIONS 16 stitches 3 Automatic button holes Automatic needle threading LED sewing light Monochrome LCD display JOG dial F.A.S.T. bobbin winding system 1 year warranty PRICE IN DUBAI: 799 AED BROTHER FS155 BROTHER FS155 SPECIFICATIONS 100 built-in utility and decorative stitches 55 characters stitches One-step button hole Automatic needle threading […]

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INTERNATIONAL ACCOUNTING STANDARDS

IFRS Standards IFRS1: First-time adoption of international financial reporting standards IFRS2: Share-based payment IFRS3: Business combinations IFRS4: lnsurance contracts IFRS5: Non-current assets held for sale and discontinued operations IFRS6: Exploration and production assets for energy and utilities IFRS7: Financial instruments: disclosures IAS Standards IAS1: Presentation of financial statements IAS2: lnventories IAS7: Cash flow statements IAS8: […]

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UK ACCOUNTING STANDARDS

Standard Accounting Practice Standards issued up to 1 August 1990 are known as Statements of Standard Accounting Practice (SSAP). SSAP4: The accounting treatment of government grants SSAP5: Accounting for value added tax SSAP9: Stocks and long-term contracts SSAP13: Accounting for research and development SSAP17: Accounting for post-balance sheet events SSAP19: Accounting for investment properties SSAP20: […]

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Accounting software for jewellery shop

Jewellery shops (Jewelry) have big amount of trading in money and small amount of item size !. any small mistake in amount of product could have bad results and loss in shops.  Accounting software for jewellery You can use iGreen accounting software for your jewellery shops for free. Lite version of iGreen accounting is free […]

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Direct costs Vs indirect costs

Sometimes, direct costs are treated as indirect because tracing costs directly to the cost object is not cost effective. For example, the nails used to manufacture a particular desk can be identified specifically with the desk, but, because the cost is likely to be insignificant, the expense of tracing such items does not justify the […]

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Direct and Indirect Costs

Costs that are assigned to cost objects can be divided into two broad categories Direct and Indirect costs. Both categories can be further divided into direct and indirect material costs, and direct and indirect labour costs Each of these categories is discussed in the following sections. Direct Materials Direct materials represent those material costs that can be specifically and […]

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Cost Terms and Concepts

Accounting information systems measure costs that are used for different purposes i.e profit measurement and inventory valuation, decision-making, performance measurement and control. Therefore different types of costs are used in different situations. Because the term ‘cost’ has multiple meanings, a preceding term must be added to clarify the assumptions that underlie a cost measurement. A large terminology has emerged […]

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Absorption costing system

Below image provides an overview of the cost assignment process for an absorption costing system, The term cost tracing is used in this photo to denote the fact that direct costs can be specifically and exclusively identified with a particular cost object. Cost assignment merely involves the implementation of suitable data processing procedures that identify and […]

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How to write a cash book

Cash trading is one the most used method in shops and discount centers. to keep a cash book updated and write a cash book in true format, you need details of cash flow. When Cash receives from customer, it will be added to cash account with amount of it in Debit column When Cash be […]

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Tools Shops in Dubai

in Dubai, tools shops usually sell tools like: SAFETY PRODUCTS SHADE NETTINGS RAZOR WIRE FIRE BLANKETS PAINT BRUSHES PAINT ROLLERS ABRASIVES PVC WATER TANKS ROLLER CHAINS Brands of these tools commonly are from Bush, BlackandDecker, Siemens, … Coast Tools    

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What is Management Accounting

The Role of Management Accounting Management accounting:  ( defined by the National Association of Accountants (NAA)) ( The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information, which is used by management to plan, evaluate, and control within an organization. ) It ensures the appropriate use of and accountability for an organizations […]

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The importance of bookkeeping

All businesses, without exception, need to keep accurate and readily accessible records of their financial transactions. Many organizations other than businesses also need to do it, and some individuals too. As a child I had a neighbor who died at the age of 75 leaving records that accounted for every penny of his income and […]

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Examples of invoicing

The best way to learn an accounting software is to enter real invoices and vouchers in it. Therefore, we will add different examples of invoice entry of sample businesses in Dubai, Oman and Qatar to show you how to do invoicing by iGreen accounting application.

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Profit and Loss Report

When you record invoices of your business in iGreen accounting software, it will give you an easy to understanding report of profit and loss As you see here, you can get total of profits of all your items and also you can control one by one of items. In this example, we have two items […]

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Forex Positions

Online market of currencies or Forex is very sensitive to any politics changes. an eCommerce with high risk to loss your investments in market very easy. So it need study very carefully ! we will update it about our analyses when to buy or sell EURUSD , JPNUSD and GBPUSD Forex signal of this week […]

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Expense Entry Software for Dubai

In any business, Gross income is the main statement for taxation but to know net income, you need to reduce expenses from it, with a perfect expense entry software you can reach net income easily. There are many software in Dubai markets and you can use them for journal entry of expenses. here we will […]

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Free accounting consultation in Dubai

There many business owners in Dubai that they need an honest guides to know how to order software and automate their business accounts department. so that, a free consultation of accounting in Dubai, could be a advantage for you to know what you need really for your accounts department. Without a true consultation maybe there are […]

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Accounting Software Images

Screenshots and images of accounting software could help you to select an accounting software for your accounts department. With looking at images, you don’t need to waste your time for installation of accounting software one by one. You can quickly look at screenshots of any accounting software to see what it offers you. It is […]

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Node 4253 in BPR Model

The example demonstrated here illustrates opportunities for using e-business in construction processes. The example Node .4253 described is that of an innovative procurement process. Node 4253 incorporates the concept of using I-components for the door ordering process. The process of selecting a product supplier (in this case the door supplier) requires input from the client brief, door detail drawings […]

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Free Account Software Download Full Version

An account software usually will be used for double journal entry but accounting software will be used for sales and stock management. In an account software, the first and the most important section is chart of accounts. advanced account software will let you to manage chart of accounts of your business very professionally but in […]

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The Concept of Net Present Value

By using discounted cash flow techniques and calculating present values, we can compare the return on an investment in capital projects with an alternative equal risk investment in securities traded in the financial market, Suppose a firm is considering four projects (all of which are risk-free) as shown in below photo. You can see that each of the projects […]

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Compounding and Discounting of FV

Our objective is to calculate and compare returns on an investment in a capital project with an alternative equal risk investment in securities traded in the financial markets. This comparison is made using a technique called discounted cash flow (DCF) analysis. Because a DCF analysis is the opposite of the concept of compounding interest, we shall initially […]

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Professionally Qualified Accountants

There are six institutions of professionally qualified accountants currently operating in the UK. All jealously guard their independence and the many attempts to merge over the past few years have all failed. Chartered Professional Accountants institute of Chartered Accountants in England and Wales (ICAEW) Generally auditing, financial accounting, management consultancy, insolvency and tax advice. However, many […]

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Historical Cost Valuation in Real Life

The merits of historical cost accounting and the advantages and disadvantages of the competing alternative measurement systems have been debated vigorously for at least 40 years.  However,  with some rare exceptions,  most companies worldwide still use historical cost.  for example This is not to say that experimentation has not occurred in the Netherlands,  for a […]

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Historical Cost vs Replacement Cost

Historical cost Historical cost has always been the most widely used measurement system. Essentially, transactions are recorded in the books of account at the date the transaction occurred. This original cost is maintained in the books of account and not updated for any future changes in value that might occur. An illustration if we paid […]

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Measurement Systems

Measurement systems underpin not only profit, but also asset valuation. Essentially, a measurement system is the way in which the elements in the accounts are valued. Traditionally, historical cost has been accepted measurement system. Incomes, Expenses, Assets and liabilities have been recorded  in the accounting system at cost at the time that they were first recognized. […]

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Depreciation and Fixed Assets

Fixed assets must be differentiated from current assets and investment assets. Current assets are assets with a value available to the business in the short term, which is usually taken to mean up to a year. These are cash and assets used in the course of business, such as stock and debtors(money owing by customers). […]

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