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Accounting and the theory of financial reporting

Business managers, creditors, and investors rely on financial reports because these reports provide information regarding how the business is doing and where it stands financially. Like newspapers, financial reports deliver financial “news” about the business. One big difference between newspapers and business external financial reports is that businesses themselves, not independent reporters, decide what goes into their …

Beware of accounting tricks: Smoothing the rough edges off year-to-year profit fluctuations

Keep your eye out for accounting tricks. You shouldn’t be surprised to learn that business managers are under tremendous pressure to make profit and keep profit on the up escalator year after year. Managers strive to make their numbers and to hit the milestone markers set for the business. Reporting a loss for the year, …

Knowing Credits from your Debits – Bookkeeping Basics

Accountants and bookkeepers record transactions as debits and credits while keeping the accounting equation constantly in balance. This process is called double-entry bookkeeping. Double-entry bookkeeping records both sides of a transaction — debits and credits — and the accounting equation remains in balance as transactions are recorded. For example, if a transaction decreases cash R25,000, then the …

What is double-entry bookkeeping?

All businesses, whether they use the cash-basis accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books. Double-entry accounting is a practice that helps minimize errors and increases the chance that your books balance. This method gets its name because you enter all transactions twice. When it comes to double-entry bookkeeping, the key …

Accountant vs. Bookkeeper: What Do They Do for a Business?

Small businesses require close tracking of expenses and cash flow. It’s important for business owners to ensure their finances are handled, which includes recording transactions and assessing or processing data. While this may seem easy enough to do independently, it can be more difficult and time-consuming than you realize. There are two types of financial …

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