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Bookkeeping is the method of documenting financial statements of businesses and other organisations, and it is a part of the accounting process.It entails writing source documentation for any of a company’s sales, processes, and other activities.
Financial accounting is the branch of accounting that deals with the summarization, analysis, and reporting of a company’s financial activities.This entails the preparing of financial accounts for public use.
Value-added tax (VAT) is a form of indirect tax that is imposed on services and commodities.Producers pay it to the government at any point of the supply chain.The VAT tax is only levied on items sold within a single jurisdiction, which ensures that both the buyer and the seller must be residents of that state.
The method of reconciling the bank account balance of an entity’s books of account to the balance recorded by the financial institution in the most current bank statement is known as bank reconciliation.The discrepancy between the two numbers should be investigated and, if necessary, corrected.
An annual report is a detailed account of a company’s operations over the previous year.Annual reports are meant to provide information about the company’s operations and financial statements to shareholders and other interested parties.They may be categorised as “blue literature.”
Accounts receivable are lawfully enforceable requests for reimbursement kept by a company for products or services provided but not paid for by consumers.These are typically invoices produced by a company and sent to a customer for payment within a specified time period.
Money owed by a corporation to its vendors is shown as a debt on its balance sheet as accounts payable.Notes payable liabilities, on the other hand, are obligations generated by structured legal instrument records.
Payroll is a list of the company’s workers who are paying.The overall amount of money paid to workers by the boss is often referred to as payroll.It entails, as a corporate practise, developing the organization’s compensation strategy, which includes flexible incentives, leave encashment policies, and so on.
The process of creating an abstract representation of a real-world financial scenario is known as financial modelling.This is a mathematical model that depicts the success of a financial asset or portfolio of a company, project, or other investment.
Tax planning is the method of filing tax returns, usually income tax returns, by someone other than the taxpayer and for a fee.The taxpayer may prepare their taxes with or without the assistance of tax planning tools and online resources.
Financial analysis is a method of determining a company’s, sub- company’s, or project’s feasibility, stability, and profitability.It is carried out by experts who use averages and other tools to create analyses based on data from financial statements and other reports.