FCA ( Faculty of Chartered Accountants) @ Institute of Chartered Accountants of Pakistan Certified Public Accountant ( CPA- usa) @ AICPA M.COM ( Master of Commerce) @ HEC
Experienced accounting and finance professional through a variety of industries.15 years of private and public accounting and tutoring experience. Strong ability to prioritize and accomplish goals.I possess a qualification of CPA ( Certified Public Accountant) from USA and CA ( Chartered Accountant) from ICAP. I have also Master degree in Commerce.
Acquisition and Restructuring, Agile and Scrum, Anti-Trust Laws, Brand Management, Business Analysis, Business Communication, Business Ethics, Business Intelligence, Business Laws, Business Level Strategy/Generic Strategies
I teach subjects with practical examples and help to strengthen the basic concepts of the students about different topics. I believe that effective tutoring is more than just giving out answers on a quiz. I always take problem-solving approach and help student to comprehend the methods to find the answers to the problems.
Shows companies assets, liabilities and equity Assets = Liabilities + Equity
There are number of accounting principles.Details are as follows: 1. Accrual principle 2. Conversion principle 3. Consistency principle 4
Journalizing transactions is the process of keeping a record of all your business transactions, tracking them in chronological order, and generally includes the date, the account you're debiting or crediting and a brief description of the transaction that occurred.
Assets are items that benefit a company economically, such as inventory, buildings, equipment and cash. They help a business manufacture goods or provide services, now and in the future. Liabilities are a company's obligations—either money owed or services not yet performed.
A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into debit and credit account column totals that are equal. ... The general purpose of producing a trial balance is to ensure the entries in a company's bookkeeping system are mathematically correct
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.
Balance Sheet is the financial statement of a company which includes assets, liabilities, equity capital, total debt, etc. at a point in time. Balance sheet includes assets on one side, and liabilities on the other.
Adjusting entries are changes to journal entries you've already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. Journal entries track how money moves—how it enters your business, leaves it, and moves between different accounts
The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.
Accrual accounting means revenue and expenses are recognized and recorded when they occur, while cash basis accounting means these line items aren't documented until cash exchanges hands. ... The accrual method is the most commonly used method, especially by publicly-traded companies as it smooths out earnings over time
FIFO (“First-In, First-Out”) assumes that the oldest products in a company's inventory have been sold first and goes by those production costs. The LIFO (“Last-In, First-Out”) method assumes that the most recent products in a company's inventory have been sold first and uses those costs instead.
Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque, because of the inconvenience and costs of writing, signing, and then cashing the cheque.
Liabilities are generally valued on the balance sheet at either: The amount of money needed to pay the debt, or. The FMV of goods or services to be delivered.
Depreciation spreads out the cost of a tangible asset over its useful life, depletion allocates the cost of extracting natural resources, such as timber, minerals, and oil from the earth, and amortization is the deduction of intangible assets over a specified time period; typically the life of an asset.
Amortization is an accounting technique used to periodically lower the book value of a loan or intangible asset over a set period of time. In relation to a loan, amortization focuses on spreading out loan payments over time. When applied to an asset, amortization is similar to depreciation.
A cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.
Financial analysis refers to an assessment of the viability, stability, and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios and other techniques, that make use of information taken from financial statements and other reports.
sset valuation plays a key role in finance and often consists of both subjective and objective measurements. The value of a company's fixed assets – which are also known as capital assets or property plant and equipment – are straightforward to value, based on their book values and replacement costs.
Impairment is commonly used to describe a drastic reduction in the recoverable amount of a fixed asset. ... Long-term assets are particularly at risk of impairment because the carrying value has a longer span of time to become potentially impaired. Similar to an impaired asset, a company's capital can also become impaired
n order to have value, intangible assets should generate some measurable amount of economic benefit to the owner, such as incremental revenues or earnings (pricing, volume, and better delivery, among others), cost savings (process economies and marketing cost savings), and increased market share or visibility
Shareholders' equity (or business net worth) shows how much the owners of a company have invested in the business—either by investing money in it or by retaining earnings over time. On the balance sheet, shareholders' equity is broken down into three categories: common shares, preferred shares and retained earnings.
A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market.
A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a proportion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-invested in the business.
Valuation is the analytical process of determining the current (or projected) worth of an asset or a company. ... An analyst placing a value on a company looks at the business's management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets, among other metrics
Payroll accounting is essentially the calculation, management, recording, and analysis of employees’ compensation. In addition, payroll accounting also includes reconciling for benefits, and withholding taxes and deductions related to compensation. The calculation of payroll is highly influenced by each country’s legal requirements (it may also depend on state or local city requirements).
Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. Typically, revenue is recognized when a critical event has occurred, and the dollar amount is easily measurable to the company.
The pensions accounting treatment for defined benefit plans requires: Determine the fair value of the assets and liabilities of the pension plan at the end of the year. ... Value the net asset or liability position of the pension plan on a fair value basis.
A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. The lease guarantees the tenant, also known as the lessee, use of an asset and guarantees the lessor, the property owner or landlord, regular payments for a specified period in exchange.
The cost concept of accounting states that all acquisition of items (such as assets or things needed for expending) should be recorded and retained in books at cost. Thus, if a balance sheet shows an asset at a certain value it should be assumed that this is its cost unless it is categorically stated otherwise
Image result for cost volume profit analysis Image result for cost volume profit analysis Image result for cost volume profit analysis Image result for cost volume profit analysis Image result for cost volume profit analysis Image result for cost volume profit analysis View all Cost-volume-profit (CVP) analysis is a method of cost accounting that looks at the impact that varying levels of costs and volume have on operating profit. ... The cost-volume-profit analysis makes several assumptions, including that the sales price, fixed costs, and variable cost per unit are constant.
A break-even analysis is a financial tool which helps a company to determine the stage at which the company, or a new service or a product, will be profitable
Variable costing is a managerial accounting cost concept. Under this method, manufacturing overhead is incurred in the period that a product is produced. This addresses the issue of absorption costing that allows income to rise as production rises.
Absorption costing, sometimes called full absorption costing, is a managerial accounting method for capturing all costs associated with manufacturing a particular product. The direct and indirect costs, such as direct materials, direct labor, rent, and insurance, are accounted for using this method.
Activity-based costing (ABC) is a method of assigning overhead and indirect costs—such as salaries and utilities—to products and services. The ABC system of cost accounting is based on activities, which are considered any event, unit of work, or task with a specific goal.
Process costing is a method of costing used mainly in manufacturing where units are continuously mass-produced through one or more processes. Examples of this include the manufacture of erasers, chemicals or processed food.Process costing is a method of costing used mainly in manufacturing where units are continuously mass-produced through one or more processes. Examples of this include the manufacture of erasers, chemicals or processed food.
Job costing is accounting which tracks the costs and revenues by "job" and enables standardized reporting of profitability by job. For an accounting system to support job costing, it must allow job numbers to be assigned to individual items of expenses and revenues.
Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.
Variance analysis is the quantitative investigation of the difference between actual and planned behavior.
Performance management is the process of ensuring that a set of activities and outputs meets an organization's goals in an effective and efficient manner. Performance management can focus on the performance of an organization, a department, an employee, or the processes in place to manage particular tasks.
Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
Companies use incremental analysis to decide whether to accept additional business, make or buy products, sell or process products further, eliminate a product or service, and decide how to allocate resources.
Pricing is the act of determining the value of a product or service. Pricing determines the cost paid by a customer, but it may or may not be tied to the cost paid by the business to produce the product or service. Price and cost are relative—one entity's price may be another's cost.
Budgetary planning is the process of constructing a budget and then utilizing it to control the operations of a business. The purpose of budgetary planning is to mitigate the risk that an organization's financial results will be worse than expected.
The equity method is an accounting technique used by a company to record the profits earned through its investment in another company. With the equity method of accounting, the investor company reports the revenue earned by the other company on its income statement, in an amount proportional to the percentage of its equity investment in the other company.
a balance sheet or profit and loss statement of two or more affiliated enterprises (as a parent company and its wholly owned subsidiary companies)
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. ... In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.
Professional regulatory organizations are generally self-governing professional bodies, incorporated under a statute that provides for the regulation of that profession
internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies
Audit evidence refers to information or data that use or collect by auditors as part of their audit works so that they could conclude their opinion on whether or not financial statements are prepared in all material respect and in accordance with the applicable financial reporting frameworks.
The main purpose of audit testing is to check and verify the level of effectiveness of controls followed by an organization while recording its financial transactions.
A sample is a subset of individuals from a larger population. Sampling means selecting the group that you will actually collect data from in your research. For example, if you are researching the opinions of students in your university, you could survey a sample of 100 students.
Management fraud can be defined as a deliberate fraud committed by. a firm or company's management that injures investors and creditors. through materially misleading financial statements, or intentional or. egregious conduct whether by act or omission that leads to a material. misstatement of financial statements.
Forensic accounting utilizes accounting, auditing, and investigative skills to conduct an examination into the finances of an individual or business. Forensic accounting provides an accounting analysis suitable to be used in legal proceedings.
For the revenue cycle, the auditor examines the gross profit margin and the amount of growth that the company has experienced in one year. As part of the revenue cycle audit checklist, he should analyze the organization's maximum capacity for sales if its facility and employees were fully utilized.
The auditor's report is a document containing the auditor's opinion on whether a company's financial statements comply with GAAP and are free from material misstatement. The audit report is important because banks, creditors, and regulators require an audit of a company's financial statements. People also ask
An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve, and report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies.
Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities
Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.
International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB). They specify how companies must maintain and report their accounts, defining types of transactions, and other events with financial impact. IFRS were established to create a common accounting language so that businesses and their financial statements can be consistent and reliable from company to company and country to country.
In US accounting practices, the Accounting Standards Codification is the current single source of United States Generally Accepted Accounting Principles. It is maintained by the Financial Accounting Standards Board.
The Statement of Financial Accounting Concepts (SFAC) was a document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. FASB is the organization that sets down the accounting rules and guidelines that make up Generally Accepted Accounting Principles (GAAP).
An acquisition is when one company purchases most or all of another company's shares to gain control of that company. ...Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs.
Agile is a continuous iteration of development and testing in the software development process whereas Scrum is an Agile process to focus on delivering the business value in the shortest time. Agile methodology delivers the software on a regular basis for feedback while Scrum delivers the software after each sprint.
Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand.
Business Analysis is a disciplined approach for introducing and managing change to organizations, whether they are for-profit businesses, governments, or non-profits. ... Business analysis is used to identify and articulate the need for change in how organizations work, and to facilitate that change.
Business communications the process of sharing information between employees within and outside a company. Effective business communication is how employees and management interact among each other to reach organizational goals and be more aligned with the core company values.
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