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Uses of Cash Books in Accounting

So what are cashbooks used for? In accounting they are used to record both cash transactions received by the business and cash paid out by the business. It has two sides; The debit side and the credit side. Each side … Continue reading Continue reading

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Third World Challenges in Accounting

Most third world countries lack a lot of resources that most industrialized countries, such as the United States, possess. One of the many things they lack would be the knowledge and practice of efficient accounting standards and systems. These countries … Continue reading

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What Is The Difference Between CPA and ACCA?

There can often be confusion about the various classifications which accountants can have and the meaning which they have. There are various terms used from charted to uncharted, CPA, ACCA, CMA and ICAS to general public the world of accounting … Continue reading

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Fraud Detection and Prevention in Financial Reporting – Is It the Auditors’ Responsibility?

The issue of fraud has been in existence for ages leading to the collapse of most businesses due to misleading financial reporting and misappropriation of funds. It has also questioned the integrity of some key industry players as well as … Continue reading

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Six Areas of Specialization For Managerial Accountants

Unlike a financial accountant, an accountant working with management has various areas of specializations. These areas are above and beyond those one would normally find a financial accountant performing. Some of the duties and responsibilities a financial account may perform … Continue reading

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How Globalization Is Affecting Accounting in the US

Globalization has led to most countries following and teaching principles of IFRS. United States based companies follow the rules of GAAP which causes complications for United States companies that want to do business internationally. Both practices of accounting provided useful … Continue reading

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Tax Accounting

Accounting is the recording, interpretation and reporting of financial transactions. Each and every business must keep proper record of all such transactions. There are several branches of accounting such as financial accounting, managerial accounting and tax accounting. Whether your business … Continue reading

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What Is Finance and Management Accounting and How Do They Differ?

Accountant professionals are the ones who perform accounting tasks for a company or an individual. Accountants have a host of duties to perform like some of the accounts may deal in company’s financial statements, while others may work closely with … Continue reading

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Why A Certified Public Accountant Is Worth Every Dime While Accountants Are A Dime A Dozen

Most small to medium size businesses quickly get to the point where they realize they need an accountant who is versed in everything from tax preparation to financial planning. When they can no longer handle all of the financial work … Continue reading

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IFRS and Globalization of Accounting

In 2002, The International Accounting Standards Board (IASB) created a new standard for financial reporting known as the International Financial Reporting Standards. These new standards made an effort to bring the accounting and financial reporting throughout the world together. The … Continue reading

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