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Studijní materiály
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ACCOUNTING AND FINANCIAL STATEMENTS
AJ - Anglický jazyk
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Stáhnout celý tento materiálACCOUNTING AND FINANCIAL STATEMENTS
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To manage your business effectively, you need to know whether it is making a profit and prospering or not. You need to control, evaluate your company’s activities and plan its future. Your business must also comply with the law and regulations.
To do so, your business requires setting up and maintaining a form of accounting system without which your business would crumble and tumble.
What is accounting
Accurate and reliable accounting information is “the language of business” that provides quantitative information about the performance of your company to management, owners, creditors, potential investors, suppliers, security brokers and the government.
Accounting is the process of capturing, summarizing, maintaining and analyzing the financial records. Accounting also is concerned with recording income and expenditure, valuing assets and liabilities and showing the flow of cash in and out of the company.
Basic concepts in accounting
There are two basic concepts in accounting:
The accounting equation
Asset = Liabilities + Equity
or
Debits (on the left side) = Credits (on the right side)
Double-entry bookkeeping
This principle is used to record all financial transactions and ensures that the accounting equation is always in balance. The Czech accounting system for legal entities is actually based on this principle.
Double-entry bookkeeping means that every transaction must be put into the debit side of one account and on the credit side of another account.
The basic bookkeeping can be done using the so called t-accounts which basically look like this:
Dr. …...... debtor
Cr. ……… creditor
Financial statements
Financial statements provide managers, shareholders, potential investors and so on with information about the financial realities, performance and changes in financial position of an organization. They provide managers with a more detailed understanding of the figures and the context in which their business operates.
Financial information must be compiled and reported objectively. It must be understandable, comparable, consistent, accurate, reliable and free from bias.
In order to assure the objectivity, reliability, credibility, and transparency of financial reporting, accountants apply and follow certain common accounting standards, guidel
Vloženo: 3.03.2011
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