... The profit and loss account is a financial statement that measures and reports the profit or loss the business has generated during a period. ... The cash flow statement is a statement that shows the sources and uses of cash for a period and the balance sheet is a statement of financial position that shows the assets of a business and the claim on those assets (Mclaney and Atrill, 1999). Chadwick, (1991) defines a balance sheet as a statement of financial position, in terms of the capital, assets and liabilities, of a business entity. The profit and loss account, the cash flow statement and the balance sheet are produced on a regular basis by the accounting system to provide a picture of the overall financial position and performance of the business. In these statements, the external auditors are required to express their opinion that the financial statements give a true and fair view of the state of affairs of the company and the group. Therefore this assignment will cover the elements, which arguably contain subjective, that the directors should follow when preparing the financial statements, in considering the level of credibility that shareholders, stakeholders and other related and interested parties can place on the final accounts of an enterprise. ... In all but the smallest and most informal, however, there will need to maintain accounting records of the main transactions that the organization enters into, and of its main assets and liabilities and produce regular (usually annual) financial reports for its main stakeholders, which include regulatory and taxation authorities. ... Most organizations of any significant size also find accounting data and financial management techniques valuable in helping them to manage their own affairs. ... In non-profit organizations such as churches, clubs and charities, accounting information about these types of user groups may be needed by them because they may have a stake in the future viability of an organization and may use accounting information to check that its wealth is being properly controlled and used in a way that is consistent with the objectives of the organization. ... The result of these rules has been the creation of a large amount of financial and no-financial information.

Synopsis: The confusion between accounting principles, standards, formats, methods among businesses is going on from the 19th century. This is because large business might follow a different method against a small business but even though the standards, the formats are the same, as the principles might differ. ... Thats why the best methods are selected of accounting for different types of businesses for effective and accurate information as output. What is accounting? ... Despite the fact that many practitioners describe accounting as an art and not a science, there seems to be a little consensus on an accurate definition of the term. ... Using the lattes as a starting point, it is probably easier to describe accounting as a process rather than proving a precise definition. Hence accounting can be described as the process of recording, classifying and summarizing the financial transactions of a business organization and reporting, interpreting and communicating this information to interested parties such as the owners(s) of the business, creditors, and investors. The accounting process also involves the forecasting of financial data, for example, the preparation of sales budgets [Lindsay Yates, 1989, p. ... Accounting Standards For any process or experiment certain ways and rules are been prescribed through which the process is put into action and output is generated. Same ways in the accounting process certain principles, accounting standards, formats; laws are established to make accounting statements understandable and useful by everyone. For this, accounting standards were first issued in Australia in the late 1960s and early 1970s. In the 1970s, through to 1983, thirteen accounting standard were developed and issued by the two professional accounting bodies: the Institute of Chartered Accountants (ICA) and the Australian Society of Certified Practicing Accountants (ASCPA). The standards issued by the accounting profession are referred to as the ASS series of standards and are biding only on members of the accounting profession [Martin, 1994]. The Generally Accepting Accounting Principles (GAAP) was made by the accountants and the businesses to enable the users of financial statements to understand them. The bodies which help them into practice are Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GASB).

... This is important to me because I want to be a self-employed accountant, and I want to own my own accounting firm. ... So, an accountant must go to college and get at least a bachelors degree and he/she must know a few concepts for his/her accounting firm to be successful. ... So, accounting just came naturally to me. Next, I asked him if accounting was something he always wanted to do and he said, No, I actually wanted to be a doctor, but as it turned out, I couldnt stomach all the blood and guts. ... It had three or four computers in it and was filled with accounting books and software. ... When the phone calls died down for a while, he showed me some of the accounting software he had made especially for him. ... I would need to study accounting or a very similar subject for me to be able to get a job as an accountant. ... So states, however, substitute a number of years of public accounting experience for a college degree. ... I have decided that accounting it, the right choice for me and I will still pursue the field. ... I will eventually own my own accounting firm and I will work out of my home or even expand and create and even larger company with an office building.

09/21/2001 Entry: "It ain't the economy" It ain't the economy George W. Bush did a good job with his speech to the nation and joint session of Congress last night. It was clear, forceful, and struck the right tone. Regrettably -- though perhaps understandably -- Bush still misrepresents (or misunderstands) the source of Arab and Muslim hatred toward the U.S. Osama Bin Laden is the latest in a long line of poster boys for terrorism, and joins the likes of Abu Nidal, Khaddafi, and Saddam. These pathological killers all fit Bush's description: "They are the heirs of all the murderous ideologies of the 20th century. By sacrificing human life to serve their radical visions -- by abandoning every value except the will to power -- they follow in the path of fascism, and Nazism, and totalitarianism.

RMS Accounting provides Tax, Accounting and Payroll Services. We are the tax preparer and payroll company you've been looking for. We will provide you the best IRS Representation. Our services include payroll tax preparation, irs tax preparation, 1040 tax preparation.

Free accounting software with no expiration date - Not a trial. Instantly create invoices, pay bills, & print checks.

Free CD on how you can Outsource bookkeeping and turn your current business into a virtual cash cow. You save over $20,000 a year, resulting in accurate financial reports every morning; outsource bookkeeping is the first step to good management and positive cash flow. We explain your financials and point out profit centers and lost causes.

Hi-tech FPO, an expert and unique professional financial services provider offers highly recommendable and trustworthy financial planning and analysis services to global prospects. You can find that our financial services are affordable and cost effective when compared to most of the similar service providers in the financial industry.