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Accounting Concepts & Principles

A number of basic accounting principles have been developed through common usage. They form the basis upon which modern accounting is based. The best-known of these principles are as follows:

  • Accrual principle : This is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them. This is the foundation of the accrual basis of accounting. It is important for the construction of financial statements that show what actually happened in an accounting period, rather than being artificially delayed or accelerated by the associated cash flows. For example, if you ignored the accrual principle, you would record an expense only when you paid for it, which might incorporate a lengthy delay caused by the payment terms for the associated supplier invoice.
  • Conservatism principle : This is the concept that you should record expenses and liabilities as soon as possible, but to record revenues and assets only when you are sure that they will occur. This introduces a conservative slant to the financial statements that may yield lower reported profits, since revenue and asset recognition may be delayed for some time. Conversely, this principle tends to encourage the recordation of losses earlier, rather than later. This concept can be taken too far, where a business persistently misstates its results to be worse than is realistically the case.
  • Consistency principle :This is the concept that, once you adopt an accounting principle or method, you should continue to use it until a demonstrably better principle or method comes along. Not following the consistency principle means that a business could continually jump between different accounting treatments of its transactions that makes its long-term financial results extremely difficult to discern.
  • Cost principle: This is the concept that a business should only record its assets, liabilities, and equity investments at their original purchase costs. This principle is becoming less valid, as a host of accounting standards are heading in the direction of adjusting assets and liabilities to their fair values.
  • Economic entity principle : This is the concept that the transactions of a business should be kept separate from those of its owners and other businesses. This prevents intermingling of assets and liabilities among multiple entities, which can cause considerable difficulties when the financial statements of a fledgling business are first audited.
  • Full disclosure principle : This is the concept that you should include in or alongside the financial statements of a business all of the information that may impact a reader’s understanding of those financial statements. The accounting standards have greatly amplified upon this concept in specifying an enormous number of informational disclosures.
  • Going concern principle : This is the concept that a business will remain in operation for the foreseeable future. This means that you would be justified in deferring the recognition of some expenses, such as depreciation, until later periods. Otherwise, you would have to recognize all expenses at once and not defer any of them.
  • Matching principle : This is the concept that, when you record revenue, you should record all related expenses at the same time. Thus, you charge inventory to the cost of goods sold at the same time that you record revenue from the sale of those inventory items. This is a cornerstone of the accrual basis of accounting. The cash basis of accounting does not use the matching the principle.
  • Materiality principle: This is the concept that you should record a transaction in the accounting records if not doing so might have altered the decision making process of someone reading the company’s financial statements. This is quite a vague concept that is difficult to quantify, which has led some of the more picayune controllers to record even the smallest transactions.
  • Monetary unit principle This is the concept that a business should only record transactions that can be stated in terms of a unit of currency. Thus, it is easy enough to record the purchase of a fixed asset, since it was bought for a specific price, whereas the value of the quality control system of a business is not recorded. This concept keeps a business from engaging in an excessive level of estimation in deriving the value of its assets and liabilities.
  • Reliability principle: This is the concept that only those transactions that can be proven should be recorded. For example, a supplier invoice is solid evidence that an expense has been recorded. This concept is of prime interest to auditors, who are constantly in search of the evidence supporting transactions.
  • Revenue recognition principle: This is the concept that you should only recognize revenue when the business has substantially completed the earnings process. So many people have skirted around the fringes of this concept to commit reporting fraud that a variety of standard-setting bodies have developed a massive amount of information about what constitutes proper revenue recognition.
  • Time period principle: This is the concept that a business should report the results of its operations over a standard period of time. This may qualify as the most glaringly obvious of all accounting principles, but is intended to create a standard set of comparable periods, which is useful for trend analysis.

These principles are incorporated into a number of accounting frameworks, from which accounting standards govern the treatment and reporting of business transactions.

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Advantages of Business Sim Card

Business has become easier for most people with the invention of sim cards since communication is one of the key factors that contribute to a successful company. You are more likely to come across a business person having the phone with them due to the benefits of communication in a company. It is important that you have both a private and a kho sim if you are a business person since there are several benefits that come along with it. If you have a kho sim, privacy is one of the benefits that you can get as a business person. People are more likely to call your private number when they have a business related matter if you do not have a kho sim. It is important to have a kho sim since it prevents you from exposing your personal contacts on the internet in marketing strategies.

Another benefit that comes along with having a Kho Sim is good customer service. You can be able to ensure that your customers get the best services if you have a kho sim since they will never miss a customer service assistant as long as it is business hours. As an individual, you may be preoccupied with many other things such as a running the business hence you may fail to pick your phone. You can free yourself from having to stretch to meet the needs of your customers if you have a kho sim since you can hire a customer assistant.

Freedom is another benefit that you can get when you have a kho sim. If you have a kho sim, you can work from anywhere as a business person. If you want to leave the office, you can do so without disappointing your clients since you would not have to worry about missing any calls. Consistency in business marketing is the other benefit that you can get when you have a kho sim. Business marketing and branding is an important thing that need serious consideration for a business person. One of the ways that you can ensure effective marketing is consistency in in terms of company contacts and that is the reason why you need kho sim.

When you have a kho sim, there are other benefits that you can get other than the ones mentioned above. The first thing that you need to do if you want the benefits is purchasing kho sim. Purchasing kho sim is not an easy task as it may sound since there are a few things that you may need to consider. To allow people to memorize the kho sim; it is important to find a simple one when searching.

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Aspects to Observe When Selecting Computer Support and Services

Often than not due to the rapid growth in technology companies have also joined the bandwagon. Nowadays you cannot find any company that does not have computer support and service. However, if you are do not have computer support and system in your company you have to do so now. Having that in mind you will need to hire a company that is going to give your computer support and services. On the other hand, do not just pick any random company that claims to be offering computer support and services. If you. are going to choose to accompany to offer you with computer support and services the website has a lot of information on how to choose one read more here!. Given below are key factors to focus on when selecting a computer support and service company to work with the view here.

To begin with, examine reviews and recommendations. It is necessary to learn more from people who have worked with computer support and service companies in the past click for more. Use the help of close friends and relatives who have computer support and systems in their companies. Let them link you up with a company that they hired if the services they received was exemplary. On the other hand look at the online reviews from clients who have worked with the particular computer support and services company.

The next aspect to observe is the experience of the company. The company that you choose to offer this product has to be that which has been offering for some time below is the info. The company you select to work with has to be one which has been active in the industry for ages this is because it is going to they have vast skills and technical knowledge that is needed in the job. You will need to do homework on the specific company where you will get to know how long the company has been offering their services. Consider choosing a company that has been here for about five years.

The third factor to focus on is the services. Before giving a company a shoot you must get to know what kind of service they are going to offer you. You will need to do a lot of research about the kind of services available and look for a company that will offer you exactly these.

The fourth feature to look at is your budget. You will have to carry out research where you will know the amount you are willing to offer for this service. Your go-to company must be that which is within your means. In conclusion, above are factors to consider when choosing computer support and services, click here for more.

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Learning about Scrum Certification Programs

Achieving the goals for your project that you set aside is not an easy thing. It is, for this reason, the use of the scrum is very important. This is because scrum is a system that helps the team or a group of people to work together. On the other hand you will note that through the use of the scrum system it will be easy for the team to learn through experience from one another. It is for this reason if when the team is challenged it will take the whole team to easily solve the problem towards achieving the set goals for the organization. Working with a scrum program you will note that having a certification is very necessary. You will note that there are various available institutes that you can enroll at for the scrum certification programs. However, regardless of the many institute offering with scrum certification not all are recommended to enroll at.

This is due to the fact that to be in a position to work with the scrum framework you need to be qualified. It is for this reason that the institute you will studied for the certification of the scrum programs considered. You will learn that due to this reason you are encouraged to pat a lot of attention before you chose the scrum institute to enroll at for your certification programs. Note that in most cases you are encouraged to seek more advises from your family members or friends on the best institute you can study the scrum certification program at. Note that it is due to the various available institute offering with scrum certification program which makes it harder for you especially as a beginner. You will note that scrum is commonly used by many people especially in the developing environment.

There are different kinds of scrum that you can study for the certification. It is, for this reason, it will be easy for you to tackle al the task when it comes to key responsibilities in the International Scrum Institute. When it comes to leading in respective fields you will note that certification in scrum will assist you. Therefore before choosing a particular kind of International Scrum Institute certification it is good for you to consult with an expert first. This is due to the fact that the information you will get from an expert will enable you to make a well-informed decision in which kind of scrum to go for. On the other hand you will note that you can search of the available International Scrum Institute certification programs through the use the modern technology. It is also very important to bear in mind that the registration of the International Scrum Institute exam is also very important as you conduct your research.

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