Tag Archives: contracts

Understanding Accounting For Construction Contracts (IAS 11)

Scharin. That’s easier to do if you still have all the IRS’ mistakenly refunded money in hand. As you’re waiting for the explanation letter to clear up the refund issue, you also have to decide what to do with the more, or less, money you received. Most of us get refund checks at tax time. Click here “WAEC Syllabus” to get the rest of the subjects. Accountants and managers will also view Excel spreadsheets to give them a better understanding of the material. Spoilage material is not possible to be rectified economically and put for further processing. When a business’ books are properly maintained, it is possible for the business to reach for the stars and become a successful business. 11. What are the Key Flexfields in AR. Work-in-process is an account where all related costs ( raw material, labour and overheads) are combined. Costs that are attributable to contract activity in general and can be allocated to the contract.

There is no provision of segregation of costs in financial accounting. Only the top accounting programs in the country hold this designation. If, however, the difference is larger or your refund is much more than you believe you should have received, it’s generally a good idea to hold off cashing the check until the issue is resolved. Paid Invoices Paid invoices should be obtained to determine that (a) invoices are paid when due and (b) the purpose of the payment is properly described in the check register or on the check stub. Most companies with petty cash accounts maintain petty cash logs that list (at a minimum) the beginning and ending balance of petty cash and each disbursement or addition’s date, amount, and purpose. In either case, the date, amount, payee, and purpose of each payment should be provided. That way, even if you or the tax collector aren’t necessarily satisfied with the eventual amount, you’ll at least understand the mathematical misinterpretation. Chippenham, UK About Blog Pillow May Ltd is a small personally run firm offering chartered accountancy & tax consultancy services. In order for your business to run successfully, it is important to know what you owe your suppliers or service providers.

So while you’re performing a search online, you will have to examine the location of the service and if ever you choose a foreign service, you need to supply all the necessary details so that absolutely nothing goes wrong. Our culture of continuous improvement will enable our trusted professionals to set the standard for employee excellence and customer service. Obtaining a copy of such a log normally will provide sufficient information to properly record petty cash transactions. In addition to information about disbursements from checking accounts, information about disbursements from petty cash accounts should also be obtained. They view that as a control over cash. No futuristic transactions find any place in financial accounting, howsoever important they may be from business point of view. As a non-accountant, the traditional accounting cycle is gone from view. Nevertheless, accounting applications themselves are not without problems. Other federal debts, such as a student loan, are collected. For example, if a company receives a long-term loan, the accountants would need to review a copy of the loan agreement to properly record the transaction.

If a company uses the accrual basis of accounting, information about accounts receivable and accounts payable would be needed. Download our free accounting books to enhance your knowledge of topics such as managerial and financial accounting, the accounting cycle or budgeting. 3. Budgeting. In the budgeting process, a managerial accountant helps management develops a financial plan which positively impacts profitability and improves cash flow. Cash or hold the check? Check stubs should be furnished if the company uses a checkbook that includes check stubs. This company is also adept at understanding the constant need for change in the auto industry and remains on top of required form changes, printer solutions required by each state’s motor vehicle department as well as manufacturer requirements. The financial performance of any company must be maintained well as it is the livelihood of any business to be successful. Check Register or Check Stubs If the company uses voucher or multipart checks or issues checks by computer, the check register should be furnished to the accountants. Accountants also should consider requesting paid checks since paid checks often provide specific information that may be omitted from the check register or check stubs.