Accounting assumptions page, what is it all about?

WEEK 7

Hello all!

Welcome back to our blog... 

now we at week 7….

As we all know this blog is for us to 'story and story' about accounting assumptions page, what is it all about???

LACK OF INFORMATION OR DATA.

After we learn about UBS System, there have many cases about transactions that we find incurred by the company. Each company have a different transaction and get from others sources of documents in that company it. As we know, an accountant should have a data or documents about transactions that performed in that company. 

For example balance sheet and financial statement. Some of company have a documents or have a complete documents because that documents mentioned and considers it is a small problem by a company to issue a expenditure such as a washing machine and other product that did not have been recorded a name of document. 

 Source of documents did not complete and not recorded can causes a expenditure of company in that month unbalanced due to the uncompleted documents and not stored properly for the purpose of computation of expenses in that month which is the expenses are increases or decreases.

INFORMATION OR DATA NOT AVAILABLE.

As an accountant, they can get effects instead of source of documents or in a data which is not available in a transaction when performing their duties. 

For example, that Trigger company buy a equipment such as a table and others. It only record in bank of statements and not record in payment voucher. 

in rightly, that transaction must be recorded in financial statements and payment voucher . If information or transaction of data will be uninformed to the an accountant, it can give more effect at financial statement of company. 

Then, it can lead in excessive expenses. It can make an accountant can’t find  a transactions where it is comes from. It is because no documents have been recorded in a expenses of transaction.

NEW INFORMATION THAT NEED TO BE INFORM. 

all companies which was establish  have the same mission which is want to maximization a profit and minimization a cost. As we know, all companies only distinguished between sell a product or in services. For example consultant of company selling us a service while Trigger power selling their product to introduce to the buyer. 

There are also have other company of doing a service of business in the same times selling the product. For example telecommunication devices of company which is selling a service to repair a mobile phone while in the same time that company sell all brand of phone  accessory.

Usually , that company managed a product and services that have a problem. As an accountant must have recorded all transactions when doing a business. It is because want to do a transaction for that company either an accountant should separate a sales or want to combine . If can be them more essay an accountant  put all transaction such as in first key-in a sales for selling a product and second key-in a sales for a services.

                

Assistance information is important to a new an accountant. It is because a new accountant can learn and can refer to financial statement against and more important is an accountant must know which is a sales transaction is coming from that company....

Eighth class..

We still continue a lesson 3… the new skill for this assignment is entering closing stock of value RM 48,218.95…to enter this amount…

Go to G6àmaintain stock valueàclick addàclick B/s accountàclick 10x (**********) the amount can be appear at the box…

Then OS account and Cash Sale Account….do the same way….you must key in at this year opening stock and the amount is RM48,218.95…. of the closing stock value...