Collusion in Auditing, Collusion ensues when two or more parties that ordinarily compete covertly decide to work together to achieve an advantage. The usual approach is to either curb supplies of goods in order to drive up prices or to set artificially high prices. Cases of...
Film Production Accounting is a service that provides accounting services to the film and television industry. The company has been operating since 2000 and is based in London. Production Accounting Service in London UK Production accounting is the process of managing the money and financial records for...
Although offshore accounting has grown in popularity over the years, this sort of banking is characteristically observed with suspicion. Today, the capacity to bank offshore and internationally is easier than ever before. There are benefits to this type of accounting but there are some drawbacks...
First Lets see what is Internal and External Audit Means: What is an Internal Audit? Internal audit implies the department positioned within a business that supervises the efficiency of its processes and controls. The internal audit function is particularly essential in larger organizations with high levels of...
As a business owner, you know that working with the right accounting firm is critical to your company's success. But with so many options out there, how do you choose the right one? Here are a few tips to help you select the best boutique...
Current Role of Internet Banking in Society, The world is fluctuating at an overwhelming rate and technology is considered to be the significant driver of these deviations around us. A scrutiny of technology and its uses show that it has infused almost every facet of...
Monetary unit assumption affirms that only transactions which can be computed in financial terms are documented in a company’s books of accounts. If a transaction cannot be articulated in dollar value, it should not be incorporated in the company’s financial books. It is believed to...
Strategies for Transparent Organizational Finances, We live in a globalised world where there is larger interconnectedness between people in addition to borders. People now anticipate organisations and businesses to demonstrate ways that better transparency can be accomplishd. Transparency mustn’t be an afterthought when looking at ways...
The term Profit and Loss Statement implies a financial statement that encapsulates the revenues, costs, and expenses sustained during a specified period, generally a quarter or fiscal year. These records offer information about a company's capacity or incapacity to produce profit by surging revenue, decreasing costs, or both. P&L statements...
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A Contra Asset Account’s usage is done in a general ledger to lessen the value of an associated account when the two are netted together. A natural balance of the contra account is the opposite of the related account. If a debit is the natural...
Develop and Improve Accounting Systems, A consistent accounting system is fundamental for a company’s success. It’s substantial to trace what’s going in and out of your business accounts, whether it’s a small or a big firm, to keep a record of all your incomes and...
Earnings management implies the use of accounting techniques to generate financial statements that render an exceedingly positive outlook of a company's business activities and financial situation. Several accounting rules and principles necessitate that a company's management makes judgments in pursuing these principles. Earnings management takes...