Specialist in Self Assessment and Private Limited Companies' Accounts and Tax matters
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Financial Accounting

Introduction to Financial Accounting and Financial Statements

Introduction to Financial Accounting and Financial Statements Financial Accounting function (or accounting in general) act as a part of the information system for the business. Organisations invest large amounts of money in information system to collects relevant data which can be beneficial for them. This data is then converted into information b...

What is a “Transaction?

It is a legal responsibility of businesses to keep records for all business transactions. This article explains this term in simple words. Financial Accounting function mostly records data from within the organisation by recording business transactions. A transaction is an event which can be measured in monetary terms i.e. it has a financial value...

Elements of Financial statements – Part 1 Capital/Equity

 Elements of Financial Statements - Part 1 Capital/Equity When a transaction occurs, it affects one or more aspects of financial statements which are called elements of financial statements. The analysis of the transactions is carried out to decide ​which one or more elements needs updating as a result of the transaction. There are five elements ...

Understanding Profit or Loss Statement  (Income Statement)

The purpose of this article is to explain the contents of Profit or Loss Statement which can then be used for ratio analysis to analyse the company’s financial performance. As ratio analysis use many figures from Profit or Loss statement, without understanding this statement properly it would not be possible to carry out an accurate and comprehensive financial analysis of the company. 

Understanding Published Financial Statements Part 3 – Statement of Cashflow

Statement of cash flow is the third financial statement given in the annual reports. You would have noticed that all five elements of financial statements have already been covered by Statement of Profit or Loss (Income & Expense) and Statement of Financial Position (Assets, Liabilities and Capital). Therefore, a question arises on the purpose ...

Introduction to Ratios

This article will introduce you to the ratio analysis which is a simple but very important technique to analyse the financial statements. It's so simple to teach and understand that it is taught at the start of any accounting qualification. For example, it is taught at year one on an undergraduate accounting qualification. In fact, there is always ...
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