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FREQUENTLY ASKED QUESTIONS
List of most asked question with typical answers
Accounting is a fundamental function in every business, as it will help the decsion makers with following:
- Business analysis
- Controlling revenue and expense
- Accurately know the profitability of the project
- Develop future financial plans
- Detecting fraud and errors
- Knowing the financial position of the company
- cash expenditure planning
- Knowing the book value of the company
Facilitates the company’s banking transactions
Yes, it is very important to separate personal transactions from commercial transactions and transaction segregations, however this practice helps you to get better business insight
Revenue, expense , income
Cost of sale
Operation income
Gross profit
Operation expense
Depreciation
Assets: current –noncurrent
Account receivable, account payable
Liability
Owner equity
Shared capital
Profit and loss report
Financial position report (balance -sheet)
Statement of cash flow
List of most asked question with typical answers
Emphasis how accounting reports enhance decision making process by make business management depend on financial reports number to make business decision
Help managers monitor and track key performance indicators and other performance metrics.
Reduces internal costs: payroll management requires time and resources. Nevertheless, the software will help you speed up processes, which means important savings for the company.
The way to manage VAT is to ensure that you have good record keeping, ensure your sales and the VAT on your sales are recorded properly, and the VAT on the purchases are also recorded properly.
