Desmond Teng

Desmond Teng

The Ledger Concept and the Trial Balance

Where is accounting information stored? The central database for accounting transactions is the ledger. The primary storage area is the general ledger, but information can be fed into the general ledger from subsidiary ledgers too, in situations where a large amount of information must be stored. To understand how information storage works in the accounting …

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The Chart of Accounts – Included sample to download

The chart of accounts defines how accounting information is stored. A properly structured chart of accounts makes it much easier to accumulate and report on information, so the account structure is an area of considerable interest to the bookkeeper. In this article, we give an overview of the chart of accounts and the most common …

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What is a Bookkeeper?

Introduction The bookkeeper position covers an exceptionally broad range of activities. It requires a person to be able to shift rapidly between many activities during a typical business day. In this article, we discuss the main requirements of the position, the qualifications needed by a bookkeeper, interactions with advisors, and related topics. The Bookkeeper Position …

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Company unabsorbed capital allowances, losses and donations

The rules for capital allowances and losses discussed in this article generally apply to income derived from a trade, business or profession. Note that capital allowances are not available to a person carrying on a vocation.   Unabsorbed capital allowances Where the Capital Allowance (CA) cannot be fully utilized in the current year, there are …

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Audit principles

Objectives of an audit In conducting an audit of financial statements, our overall objectives are: To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling us to express an opinion on whether the financial statements are prepared (and presented fairly …

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