Accountancy involves the preparation of the final accounts to show the result of the business at the end of the financial period. The man who is entrusted with this work is called an accountant. His work is not only to supervise the work of the book-keepers but also to analyses, review and draw conclusions from the final accounts. His work is of a specialized nature and he must be well versed with the principles of accountancy.
More from this Section
- Record date
At the record date, the company determines ownership of the outstanding shares for dividend purposes. The records maintained by the corporation supply...
- State unemployment taxes
State unemployment taxes refer to taxes that are imposed on the employer by states that provide benefits to employees who lose their jobs.
- Notes receivables
Notes receivables are claims for which formal instruments of credit are issued as proof of the debt. A note receivable normally extends for time periods of 60-90 days...
- Under- or Overapplied overhead
Underapplied overhead means that the overhead assigned to work in process is less than the overhead incurred. Overapplied overhead means that the overhead assigned...
- Owner’s equity
The ownership claim on total assets is owner’s equity. It is equal to total assets minus total liabilities. Here is why: the assets of a business are claimed by...
- Management Auditing
William P. Leonard defines it: “Management Auditing is a comprehensive and constructive examination of an organizational
Charter is a document that creates a corporation. The charter may be an approved copy of the application form, or it may be a separate document containing the same basic data.