361-370: Accounting and Audit - Accountancy Forum Topics

Assistance Required

i am an Olevel student and wish to study CA plz tell which country is best suitable to study chartered accountancy and also tell a reputed university in that country which is world wide reputed.

Accruals!

Trying to tidy up a clients set of books at the moment. The books of account are still being written up. However, here's a good one. My client has a series of payments leaving his bank account which were never posted to his creditors ledger/bank (cash), and for which no invoices were received or posted to his profit and loss account. I can post the payments (credit Bank /ac, debit creditors control) but I need to account for this in my profit and loss account. I am correct to accrue the invoices and to accrue the V.A.T. - in order to get the profit and loss account right? (he won't receive the invoices before yearend).

True & Fair-meaning

what is the meaning of true&fair view..in context of 'financial statements present a true&fair view ...." i mean if a question comes in exam what do u understand by the term true&fair? briefly discus he term true&fair?

Ifrs & Ias

Can we have a detailed introduction of the IFRS on here. It would be really interesting to hear people's views on why the rules are needed and how they can be improved....etc Similar on IAS.

Acca Student Society

what are the aim and objectives of forming student society ammar

Accountancy Cd - Revised

ACCOUNTING CD Contents of the CD are as follows: 1. International Financial Reporting Standards from IAS 1 to IFRS 5; 2. Guides to IFRS 2 and 3; 3. IASB Framework; 4. Sample financial statement; 5. Model financial statements by Big two firms. 6. E Leaning (Scenario based) on IFRS and IAS from IAS 1 to IFRS 5. 7. Summaries of IFRS and IAS in your pocket handbook 2006 edition. 8. A Practical Guide on International Financial Reporting Standards by Hennie van Greuning (Newly Revised Edition) Known as book by World Bank. Fully referenced addition. 9. All technical releases by ICAP on Accounting. 10. All circulars issued by ICAP since 1996 to date (July 2006). 11. 74 Presentations delivered on the seminars held by ICAP till date (July 2006). 12. Presentations on Financial Accounting I and II for module B and C respectively. New Additions 13. All selected opinions by ICAP. 14. IFRS financial statements - key considerations for preparers 15. IFRS 7 Financial Instruments: Disclosures -A disclosure checklist and some thing more; see Bonus in the CD. Book your copy now: In Karachi Mr. Zaheer 0321-2609926 In Lahore Sarfaraz Ahmed 0321-4 469 469 sar285@gmail.com http://sar285.googlepages.com

Free Accounting Articles

Simple : Below, you'll find extensive information on leading accounting articles and products to help you on your way to success. A Career In Accounting By Michael Colucci Accounting is the study of how businesses track their income and assets over time. Accountants do much more than the generic presumptions; they compute costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management. The career is a highly momentous and versatile. The field is usually divided into three broad areas: auditing, financial/tax and management accounting. Audit: Work in audit involves checking accounting ledgers and financial statements within corporations and government. Budget Analysis: Budget analysts are responsible for developing and managing an organization’s financial plan. Financial: Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits/ERISA planning and long-term financial projections. Management Accounting: Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis. Tax: Tax accountants prepare corporate and personal income tax statements and develop tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like. Various levels of skill are apportioned dissimilarly amongst the divisions which implies that depending on your position their will be specific demands on your adeptness, while average speaking skills are requisites for all areas; the ability to synthesize varies from throughout each. Audit accounting requires a medium level of skill, tax and financial demands a low level of skill, and Management accounting a high level of proficiency. Entry level accountants can expect a very team oriented environment. Often they will start as a junior member of a team responsible for auditing an important account or preparing financial statements. It is imperative that junior members learn to pull their weight, and function as a capable, effective, and useful member of the unit. Anyone interested in the field can prepare for a bright career. According to the bureau of labor statistics their have been considerable increases in job openings, reflective of the fields growth and competitiveness. With the right skills and education this growth establishes the possibility for an incredibly profitable career. Top firms include KPMG/Peat Marwick, Ernst and Young, Deloitte and Touche, Arthur Anderson, Price WarterhouseCoopers, Grant Thornton, BDO Seidman, and McGladerly and Pullen. College graduates seeking entry level positions should consider employment with these firms. Most people do not make partner at public accounting firms but the experience and training can be excellent. From there, many move on to careers with an accounting focus in business or government. Ambitious talented accountants can advance their career with the acquisition of skills and experience along the way and subsequently enjoy a very successful career. Michael Colucci is a writer for Accounting Career which is part of the Knowledge Search network

Cash Flow

Assalam GOD bless u all i wanna know about discounted cash flow assumption by discussion plzz let me kno what this assumption is all abut and further details plzz. thanking u in advance

Technical Advice Required Frm Professionals Only

hi i ve heard that no pakistan based pvt ltd company can send advance payment for any purchase outside country? it can not send advance payment however can import only via L/C? if we agree with this issue then it means we can transact business via L/C...on mutual consent of buyer and seller. But if buyer have to send advance as to meet the requirement of supplier then is it possible? is it possible that he can send advance 100% payment of the shipment to supplier then can adjust that amount against the shipment that he'll be receiving in near future.and can justify n reflect the respective entries in its books. is there any way out? if supplier have any representative here in pakistan then is also possible that buyer can handover the 100% amount to that representative and can get merchandise imported directly from their seller's foreign office in its name and then can justify that local payment in books as an advance for the received shipment. i need your advise. please send me email at m_xeeshan@yahoo.co.uk asap. Rgds to all xee

Need Answer Of This Question

In my 1 interview following question was asked about which i was not able to answer? A Company (ABC) had made one of its department as a complete new company (MNO). Now I want to know how to transfer all Fixed Assets esp about VEHICLES from ABC to MNO also tell me about Loan transfer? Tell me in detail including its TAX Implication.