An account is a financial statement of indebtedness from one person to another. It documents transactions and is integral to recording and maintaining financial records.
The accounting cycle is the sequence of steps in accounting for a financial transaction entered into by an organization. It involves recording transactions in the books of account and aggregating them in financial statements for a financial period.
A Book-Keeper is a person responsible for recording the financial transactions and maintaining the books of account for a business. This role is vital for the accurate and efficient tracking of all financial events in an organization.
Books of account refer to the ledgers, journals, and other accounting records in which a business records its transactions. These records form the backbone of a company's financial information, ensuring that their financial status can be understood at any time.
A complete audit is an extensive examination of a company's system of internal controls and the details of its books of account, including subsidiary records and supporting documents.
Inventory includes the raw materials, work-in-progress, and finished goods that a company has on hand at any given time. Effective inventory management is crucial for maintaining liquidity and profitability.
An offset account reduces the gross amount of another account to derive a net balance, such as a fixed asset account that is offset by a depreciation account.
Statutory Books, as mandated by the Companies Act, ensure proper accounting records, enabling directors to accurately oversee the financial positioning and transactions of a company.
