Bookkeeping

Non-current assets include non-current investments and long-term receivables. A positive ratio indicates the company pays its short-term obligations after liquidating current assets. A negative ratio means current liabilities exceed current assets and indicates closing entries and post financial distress. Yes, a current ratio of 2 is typically considered a good level of liquidity. Accounting Crash Courses A higher liquidity ratio generally indicates a lower risk of default, making the company…

Instead, all information is directly stored in the accounts listed in the general ledger. This is not the case in legacy accounting systems, where they were originally designed to have subledgers. To eliminate posting, a legacy accounting system would need to be completely redesigned. Consequently, a good way to determine the age of a proposed accounting system is to ask the vendor if it still uses posting. For CPAs and…

MFRS 16 however, states the recognition of the start on the commencement date of the lease transactions. However, for biological assets or agricultural produce which fall under MFRS 141, there is one additional recognition criterion that needs to be met. This additional criterion is that the entity controls the asset as a result of past events. These materials were downloaded from PwC’s Viewpoint (viewpoint.pwc.com) under license. Effective asset management ensures…

One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders’ equity). The income statement is also referred to as the profit and loss statement, P&L, statement of income, and the statement of operations. The income statement reports the revenues, gains, expenses, losses, net income and other totals for the period of time shown in the heading of the statement.…

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RAPID is preferred for fast-paced decisions, while RACI suits situations where clear communication and responsibility delineation are crucial. Implementing a decision-making framework in a Certified Bookkeeper business starts with identifying the problem, followed by gathering relevant data. Transparency in these frameworks ensures consistency and collective understanding within the team. Intuitive Decision Making Model Whether you’re a business leader, a project manager, or simply someone who wants to make better decisions…