Accounting Padlet- NZDB504E-18EX-M12-RX by TANZ eCampus https://padlet.com/itsupport4/xb3cge2yuu8k en-us 2018-11-29 03:34:27 UTC 2019-01-08 06:27:22 UTC hello@padlet.com This department covers the financial aspects of a business. It is responsible for financial controls and reporting, accounts receivable/payable and payroll. It also responsible for providing the relevant documentation to external entitities such as IRD, also reporting to Management on the financial health, potential opportunities and areas of concern. https://padlet.com/itsupport4/xb3cge2yuu8k/wish/314856765 A useful link that provides further details -]]> 2018-12-15 01:59:54 UTC https://padlet.com/itsupport4/xb3cge2yuu8k/wish/314856765 The purpose of accountingNovember 12, 2017The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. This information is accumulated in accounting records with accounting transactions, which are recorded either through such standardized business transactions as customer invoicing or supplier invoices, or through more specialized transactions, known as journal entries.Once this financial information has been stored in the accounting records, it is usually compiled into financial statements, which include the following documents:Income statementBalance sheetStatement of cash flowsStatement of retained earningsDisclosures that accompany the financial statementsFinancial statements are assembled under certain sets of rules, known as accounting frameworks, of which the best known are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The results shown in financial statements can vary somewhat, depending on the framework used. The framework that a business uses depends upon which one the recipient of the financial statements wants. Thus, a European investor might want to see financial statements based on IFRS, while an American investor might want to see statements that comply with GAAP.The accountant may generate additional reports for special purposes, such as determining the profit on sale of a product, or the revenues generated from a particular sales region. These are usually considered to be managerial reports, rather than the financial reports issued to outsiders.Thus, the purpose of accounting centers on the collection and subsequent reporting of financial information. https://padlet.com/itsupport4/xb3cge2yuu8k/wish/315748037 https://www.accountingtools.com/articles/what-is-the-purpose-of-accounting.html]]> 2018-12-19 01:41:03 UTC https://padlet.com/itsupport4/xb3cge2yuu8k/wish/315748037 1. AssetsAssets are the wealth that has been accumulated by the business and is owned outright without lien or loan. It may be items that depreciate over time, or goods that are sold to customers. This may include cash and investments, buildings and property, accounts receivable, warehouse inventory, equipment and supplies.2. Balance sheetThe balance sheet is an important aspect of business. It records the basic accounting formula of assets = liabilities + stockholder equity / capital at a certain point in time, either monthly, quarterly or yearly. From the balance sheet the financial health of the business can be ascertained.3. General ledgerThe general ledger is the side of the bookkeeping ledger that contains the balance sheet and the income statement accounts. Here all business transactions are recorded, including sales, credit purchases, office expenses and income losses.4. Gross marginGross margin or profit is the total number of sales that have been made, subtracted by the associated costs, such as manufacturing costs, wholesales costs, material, and supplies.5. LossWhen a service or product sells for less than what it cost to supply or manufacture it, or when expenses have exceeded revenues of a particular asset, it's called a loss.6. On credit/On accountOn credit or on account means that products or services have been sold with the use of credit. Payment has not immediately been provided for these items, and there may be terms on account that may result in interest charges.7. ReceiptsReceipts is the total amount of cash collected in business transactions over the course of one day. It does not include other revenue collected.8. RevenueIncome and revenue are interchangeable, compromising the total amount of all income collected at one point in time. It may include cash sales, credit purchases, subscription fees and interest income. It differs from receipts, as it can include monies that are not collected at the delivery time.9. Trade discountA trade discount is a percentage discounted from the purchase price, and is based on the volume of goods ordered at one point in time. Higher discounts may be applicable to larger orders, with smaller discounts for lesser orders.10. Trial balanceThe trial balance is recorded in the general ledger, and includes both debits and credits for one particular account. The sheet must balance, with debits equaling credits. https://padlet.com/itsupport4/xb3cge2yuu8k/wish/315748529
https://www.accountingdepartment.com/blog/10-basic-accounting-terms-defined]]> 2018-12-19 01:44:40 UTC https://padlet.com/itsupport4/xb3cge2yuu8k/wish/315748529 Accounting lorna_coates https://padlet.com/itsupport4/xb3cge2yuu8k/wish/317900570 The main purpose of accounting is to determine the financial position of the business at any given time, provides financial statements and generally looks after all assets and financial activities within the business while providing financial support.
 Key functions within an accounting department can include things such as:

Payroll- Ensuring the employees of the business get paid the correct remuneration at the correct time.
Accounts Receivable – “Money in” keeps track of creditors as assets, ensures that creditors pay. Keeps track of money paid to the business by creditors

Accounts Payable – manages the businesses liabilities business as a debtor, keeps track of what needs to be paid and when.
Inventory – Keeps track of any items owned by the business that they intend to sell. For example stock in a shop.
 Fixed Assets – Looks after the tangible and intangible fixed assets of the business such as buildings, machinery, and intellectual property or trademarks. Some fixed assets can depreciate in value quickly or become obsolete quickly, so the accounting department manages them carefully to keep the business competitive.
 
 

A Link that explains the Accounting function in simple terms: 

]]> 2019-01-07 15:22:25 UTC https://padlet.com/itsupport4/xb3cge2yuu8k/wish/317900570 What is AccountingAccounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarising, analysing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements that summarise a large company's operations, financial position and cash flows over a particular period are a concise summary of hundreds of thousands of financial transactions it may have entered into over this period. https://padlet.com/itsupport4/xb3cge2yuu8k/wish/318168446 C Clements ]]> 2019-01-08 06:26:34 UTC https://padlet.com/itsupport4/xb3cge2yuu8k/wish/318168446