Disregard for or Lack of Internal controls
Sometimes corporations pave a way for wrongdoing. When investigating fraud, it is important to start the process by identifying potential risks or weaknesses, which can be done by using management's assertions.
Financial Statements Explained
Understand what the figures in the financial statements mean in regards to the business. Monitor your business' health with a few simple ratios and take timely corrective or preventive actions. Use financial statements to analyse your business.
The objective of accounting is to find out whether the business is making a gain or losing money. Even the uninitiated can maintain a small business' book-keeping, familiarity with a few basic principles and account categories is all that it takes. How to record transactions and summarize entries.
Trial Balance & Associated Errors
Financial reports of an enterprise are generated from the Trial Balance. If you do not have accounting software and need to prepare the trial balance manually, then here are a few tips on how to identify common errors and tally the debit and credit totals.
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