Category: Accounting

Gold equates to real money. Unlike other assets like the traditional stocks and bonds, even legal tender – which really just represents the value of money, gold can hold its own value even when economic recession occurs. This is the reason why sensible and practical investors pursue gold investment. “Buy gold coins and watch them…

Accounting is the process of recording, verifying, and reporting all daily transaction of the organization. This is containing all the debit and credit entries of the ledger and employees and all financial transactions. From this, such financial information is primarily used by manages, investors and other decision makers to make a decision within company. For…

Paying taxes is sometimes considered as a burden as one has to pay them just because one earns a good sum of income. Most of the citizens of the country do not find taxes viable, and that is why they even try to evade them. But why should we get into illegality when we have…

The fact that you are vetting this article may imply that you are searching for better wealth creation system in generating residual income. Like yourself before, many have asked why some people are wealthy and others are not. It is shocked to know that the belief or the subconscious mind can play an crucial role…

Legal ownership is not the only criterion for classifying something in accounting terms as an asset; for instance, someone buys an item on hire purchase but does not become the owner of that item until the full purchase price has been paid. Nevertheless, the item is still recorded as an asset together with the corresponding…

The term “data” refers to primary details or numerical facts relating to an event or transaction. Data is stored and maintained on a computer or network. Computer Software like HiTech Financial Accounting process this electronic data. Data is also maintained as hardcopy or paper print. Since accounting limits itself only to those transactions and events…

(1) Relevance The convention of relevance emphasizes the fact that only such information should be made available by accounting as is relevant and useful for achieving its objectives. For example, business is interested in knowing as to what has been total labor cost? It is not interested in knowing how much employees spend and what…

Companies running fleet do not always recognise the benefits of a vehicle tracking system, often erroneously viewing GPS vehicle tracking technology as either being an expensive toy, not relevant to their business, or too complicated to understand! During times of a severe economic downturn, the urgent priorities of aggressively keeping down costs and maintaining liquidity…