Counto

MARCH 23, 2024

Understanding Singapore Financial Reporting Standards (SFRS) for SMEs Navigating Singapore’s financial reporting standards is crucial for SMEs. At Counto, we’re committed to simplifying complex concepts like the Singapore Financial Reporting Standards (SFRS) to empower your business.

Financial Reporting 52

Financial Reporting Accruals Financial Statements Corporation Tax 52

Accounting Tools

JULY 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Financial Analysis? Financial analysis is the examination of financial information to reach business decisions. Whether to invest internally in an asset or working capital , and how to finance it.

Financial Analysis 75

Financial Analysis Financial Statements 75

Accounting Tools

JULY 17, 2023

Related Courses Business Combinations and Consolidations What are Group Financial Statements? Group financial statements are financial statements that include the financial information for more than one component.

Financial Statements 40

Financial Statements Accounting Accounting 40

Counto

MARCH 19, 2024

Record Keeping Maintain meticulous financial records, including income statements, receipts, invoices, and expense records. Detailed Financial Records: Track all sales, revenue, expenses, assets, liabilities, and debts related to the business. Non-residents have varying deadlines based on their tax residency status.

Record Keeping 52

Record Keeping Financial Records Accruals Corporation Tax 52

Accounting Tools

OCTOBER 7, 2023

Related Courses Business Combinations and Consolidations Closing the Books The Interpretation of Financial Statements What are Consolidated Financial Statements? Consolidated financial statements are the financial statements of a group of entities that are presented as being those of a single economic entity.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

AUGUST 7, 2023

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements.

Financial Statements 75

Financial Statements Collections Invoicing Accounting 75

Accounting Tools

JULY 17, 2023

It is used by organizations to properly organize their financial information into accounting records , summarize the accounting records into financial statements , and disclose certain supporting information. Users of GAAP GAAP is used primarily by businesses reporting their financial results in the United States.

Financial Statements 75

Financial Statements Financial Reporting Financial Accounting Accounting 75

Accounting Tools

MARCH 5, 2024

The worksheet is useful for converting ending account balances into financial statements , if there is no accounting software on hand that can accomplish this task automatically. The spreadsheet may contain pre-set subtotal and total formulas, which are useful for aggregating the account information into financial statements.

General Ledger 40

General Ledger Financial Statements Accounting Software Bookkeeping 40

Accounting Tools

JUNE 16, 2023

The intent of adding these entries is to correct errors in the initial version of the trial balance and to bring the entity's financial statements into compliance with an accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

JULY 13, 2023

The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements. The unadjusted trial balance is used as the starting point for analyzing account balances and making adjusting entries.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

JANUARY 24, 2024

It is a combination of the degree of operating leverage and the degree of financial leverage. When a company has a large amount of operating and financial leverage, even a modest change in its sales can trigger a substantial change in its profitability.

Financial Statements 40

Financial Statements 40

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

LedgerDocs

SEPTEMBER 25, 2023

In the world of bookkeeping there are many ways to store and manage financial documents: In this article, let’s thoroughly examine 2 popular ones: LedgerDocs and Dext. While both platforms were designed with features specifically for financial data management, there are distinct differences that set the two apart.

Data Entry 106

Data Entry Bookkeeping Financial Records Invoicing 106

Accounting Tools

JUNE 9, 2023

An investment center is a business unit within an entity that has responsibility for its own revenue , expenses , and assets , and whose financial results are based on all three factors. An investment center typically has its own financial statements , comprised of at least an income statement and balance sheet.

Financial Statements 71

Financial Statements Accounting Accounting 71

Counto

MARCH 19, 2024

Filing ECI (Estimate of Chargeable Income) File with IRAS Within 3 months from the Financial Year End Estimated Chargeable Income (ECI) is an advance estimation of your company’s taxable profits for a specific Year of Assessment (YA). Listed companies must hold AGMs within 4 months after the financial year-end, with no exemptions.

Corporation Tax 52

Corporation Tax Financial Statements Tax Accounts Payable 52

Accounting Tools

APRIL 6, 2024

The controller issues financial statements each quarter, and wants to know the amount of the interest expense for the past three months. Presentation of Interest Expense Interest expense is usually stated near the bottom of the income statement, after all selling, general and administrative expenses. interest rate.

Accounts Payable 40

Accounts Payable Accounts Payable Financial Statements Invoicing 40

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

OCTOBER 9, 2023

Related Courses GAAP Guidebook International Accounting What is a Statement of Financial Accounting Standards? A statement of financial accounting standards (SFAS) gives detailed guidance on how to deal with a specific accounting issue.

Financial Accounting 40

Financial Accounting Accounting Accounting Financial Statements 40

Accounting Tools

APRIL 14, 2024

The board expects Arbitrary to earn another $3 million of profits in the current year, which it can then combine with the restricted retained earnings and spend to acquire the artificial intelligence engine. Related Articles Appropriated Retained Earnings Unappropriated Retained Earnings

General Ledger 40

General Ledger Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 20, 2023

Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. There are several career tracks involved in financial accounting. There is also the controller track, which requires a combined knowledge of financial and management accounting.

Accounting 75

Accounting Accounting Financial Statements CPA 75

Accounting Tools

JULY 15, 2023

A tolerable misstatement is the amount by which a financial statement line item can differ from its true amount without impacting the fair presentation of the entire financial statements. The concept is used by auditors when designing audit procedures to examine the financial statements of a client.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

SEPTEMBER 26, 2023

The intent of each opinion was to clarify an accounting topic that was experiencing differing amounts of interpretation from the issuers of financial statements. Some elements of the opinions have been incorporated into the successor entity to the APB, which is the Financial Accounting Standards Board (FASB).

Financial Statements 40

Financial Statements Financial Accounting Tax Accounting 40

Counto

MAY 3, 2024

The Fiscal Year-End (FYE), also known as a financial year, is the last day of a company’s accounting period, which typically spans 12 months, but does not necessarily align with the calendar year. This timing facilitates easier inventory management and financial assessment post-peak season. What is the Fiscal Year-End (FYE)?

Financial Reporting 52

Financial Reporting AR Accruals Tax 52

Accounting Tools

DECEMBER 10, 2023

The accrual basis of accounting is advocated under both generally accepted accounting principles ( GAAP ) and international financial reporting standards ( IFRS ). These estimates may not be entirely correct, and so can lead to materially inaccurate financial statements.

Accruals 75

Accruals Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 7, 2023

Related Courses Budgeting Capital Budgeting The Income Statement What is a Budgeted Income Statement? The budgeted income statement contains all of the line items found in a normal income statement , except that it is a projection of what the income statement will look like during future budget periods.

Budgeting 40

Budgeting Financial Statements Accounting Software Accounting 40

Accounting Tools

OCTOBER 23, 2023

Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting. The purpose of this approach is to measure the flows of current financial resources in governmental fund financial statements. Related Articles Modified Cash Basis of Accounting

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

APRIL 17, 2024

Related Articles Acquisition Accounting Carryover Method of Accounting Pushdown Accounting

Accounting 40

Accounting Accounting Financial Statements CPA 40

Accounting Tools

SEPTEMBER 29, 2023

Substantive Procedures These procedures are intended to create evidence to support the assertion that there are no material misstatements in regard to the completeness, validity, and accuracy of a client’s financial statements. Agreeing the financial statements and accompanying notes to the underlying accounting records.

Auditing 40

Auditing Financial Statements Billing Tax 40

Accounting Tools

NOVEMBER 6, 2023

Segment reporting is the reporting of the operating segments of a company in the disclosures accompanying its financial statements. Report a segment if it has at least 10% of the revenues, 10% of the profit or loss, or 10% of the combined assets of the entity. Related Articles Segment Margin

Financial Statements 40

Financial Statements Financial Reporting Tax Accounting 40

Less Accounting

JUNE 15, 2023

However, it’s crucial to understand the basics of accounting and to set up a proper system to avoid any potential financial mishaps down the line. In this article, we’ll walk you through the essential steps of accounting for your construction business. Accounting principles are the foundation of your financial statements.

Financial Statements 52

Financial Statements Accounting Accounting Budgeting 52

Accounting Tools

JUNE 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is the Fixed Charge Coverage Ratio? Related Articles Cash Flow to Debt Ratio Coverage Ratios Debt Service Coverage Ratio EBITDA Coverage Ratio Interest Coverage Ratio Times Interest Earned Ratio

Financial Analysis 40

Financial Analysis Financial Statements Budgeting Tax 40

Accounting Tools

NOVEMBER 26, 2023

It is not an entirely accurate method, and so is not sufficient for the year-end financial statements , for which a higher level of inventory record accuracy is required. Weighted Average Method Under the weighted average method , the costs of all separately-purchased goods are combined to create a weighted-average cost.

Financial Statements 74

Financial Statements Auditing Accounting Accounting 74

Accounting Tools

AUGUST 31, 2023

Related Courses The Statement of Cash Flows Working Capital Management What is Cash Flow? When a business only sells to customers in excellent financial condition, the payments from them are much more likely to arrive on time. The interest payments made also reduce its cash reserve, making the organization less financially viable.

Accruals 75

Accruals Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

AUGUST 2, 2023

By combining the balances in these two accounts, one can determine the net amount of receivables that the reporting entity expects to receive. By combining the balances in these accounts, one can determine the net amount of fixed assets that have yet to be charged to expense. Related Articles Contra Accounts Contra Expense

Accounting 40

Accounting Accounting Bookkeeping Financial Statements 40

Nanonets

JUNE 21, 2023

In the world of finance and accounting, the process of reconciliation plays a vital role in ensuring accurate and transparent financial records. It is a crucial process for businesses to identify discrepancies, resolve errors, and maintain the integrity of their financial statements. What is Reconciliation?

General Ledger 52

General Ledger Reconciling Financial Records Account Reconciliation 52

Accounting Tools

MARCH 2, 2024

Valuation of Human Capital The value of human capital is not recorded anywhere in the financial statements of an organization, nor can it be created as an intangible asset as a result of a business combination. Related Articles Human Resource Accounting Job Enrichment

Financial Statements 40

Financial Statements Payroll Accounting Accounting 40

Accounting Tools

SEPTEMBER 6, 2023

Related Courses Business Ratios Guidebook Credit and Collection Guidebook Effective Collections The Interpretation of Financial Statements What is the Collection Effectiveness Index? The collection effectiveness index (CEI) is a measure of the ability of the collections staff to collect funds from customers.

Collections 40

Collections Financial Statements 40