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Financial Accounting/Reporting is the integral part and parcel of the syllabus of almost all the accounting bodies around the globe. Syllabus of accounting bodies normally involves at least two papers while some have three papers on this subject matter. The number of papers in the qualification is dependent on the organization of the syllabus.

"Walking and chewing gum at the same time." How many times have you heard this lighthearted reference to the need for simultaneous attention to multiple priorities? The phrase implies that such parallel processing is not only necessary, but easy. After all, everyone can walk while they are chewing gum.

Excel is a very smart application, but—and it’s a very big but—there are times it acts pretty dumb. However, it’s not hard to teach it to perform some very useful functions, and that’s what this article is all about—making Excel smarter.

Income tax law is the most commonly misunderstood piece of legislation not even by the taxpayers’ but also by the revenue authority itself. The perception of a taxpayer regarding meeting revenue targets entails the fact that it is confiscating their wealth. This approach flows from the lack of any provision of facilities for taxpayers’ and complexity of law which is sometimes compounded by the amendments brought through the finance acts year to year.

Students of Professional bodies often find it difficult to attempt the paper while the rest seem to take the paper lightly. The successful candidates have developed different theories while the failures propagate a different notion. Although, almost all the accounting bodies are sticking up to one theory – Increase the number of members without comprising over the quality of the qualified members.

Sales Tax was a provincial subject at the time of partition. It was being administered in the provinces of Punjab and Sind as provincial levy. Sales Tax was declared a federal subject in 1948 through the enactment of General Sales Tax Act 1948. In 1952 this levy was transferred permanently to the Central Government and was being levied at the standard rate of 6 pies per rupee at every stage whenever a sale was effected.

This article considers the practical issues facing a business when selecting appropriate sources of finance. It does not consider the theoretical aspects of such decisions. Nor does it provide detailed descriptions of various sources of finance. These are well covered in manuals and textbooks of nearly all certifications.

Professional accountants like members of ACCA, PIPFA, ICAP and ICMAP are aware of the concept of financial year in financial accounting. The concept of matching and accrual revolves around the concept of financial year. The concept of financial year is helpful in ascertaining the accounting profit and loss of a business entity and in order to make a sheet of paper balanced that is, balance sheet.

Suspense accounts and error correction are popular topics for examiners because they test understanding of bookkeeping principles so well. A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined. There are two reasons why a suspense account could be opened:

Most people seem to agree that "embedded" risk management sounds a good idea, and that "embedded" means "not something extra added on." They want risk management to be real, natural, convenient, and effective. How can a risk program achieve this, and who is well placed to do it?