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|Text №8. THE ACCOUNTING EQUATION AND THE BALANCE SHEET|
The accounting equation
Assets = Capital
Features Provided by Accounting Services Firms
Text №9. LOCAL GOVERNMENT
Accounting is often said to be the language of business, it is used in the business world to describe the transactions in all kinds of organizations. Accounting terms and ideas used by people associated with business, whether they are managers, owners, investors, bankers, lawyers, or accountants. As it is the language of business there are words and terms that mean one thing in accounting, but whose meaning is completely different in ordinary usage survey the transactions of businesses, will gain a greater insight into the way that business is transacted and the methods by which business decisions are taken.
The actual record-making phase of accounting is usually called book-keeping. However, accounting extends far beyond the actual making of records. Accounting is concerned with the use to which these records are put, their analysis and interpretation.
An accountant should be concerned with more than the record-making phase, in particular, he should be interested in the relationship between the financial results and the events which have created them. He should be studying the various alternatives open to the business, and be using his accounting experience in order to aid the management to select the best plan of action for the business. The owners and managers of a business will need some accounting knowledge in order that they may understand what the accountant is telling them. Investors and others will need accounting knowledge in order they may read and understand the financial statements issued by the business, and adjust their relationships with the business accordingly.
Probably there are two main questions that the managers or owners of a business want to know: first, whether or not the business is operating at a profit; second, they will want to know whether or not the business will be able to meet its commitments as they fall due, and so not have to close down owing to lack of funds. Both of these questions should be answered by the use of the accounting data of the firm.
The whole of financial accounting is based on the accounting equation. This can be stated to be that for a firm to operate it needs resources, and that these resources have had to be supplied to the firm by someone. The resources possessed by the firm are known as Assets, and obviously some of these resources will have been supplied by the owner of the business. The total amount supplied by him is known as Capital. If in fact he was the only one who had supplied the assets, then the following equation would hold true:
There are many levels of accounting services provided by a wide range of accounting firms. A good accountant can set up your books and offer solid advice when it comes to such issues as tax planning and cash flow problems. He or she can help you select a good retirement plan and help you when setting up employee benefit packages. Accounting procedures can seem like a foreign language at times, but a good accountant can help translate everything into terms you can understand.
Payroll, including all payroll tax filings (Forms 941, 1099, W-2, etc.) Accounts payable and vendor files Accounts receivable and billing services
General ledger and financial statements Cash flow management Tax preparation
If your small business is not going to hire a bookkeeper as a staff Position, then searching for a good bookkeeping service will certainly be a wise decision for you. Don't try to handle the day-to-day bookkeeping activities that occur, because before you know it you will be spending too much of your valuable time on going through bank statements instead of concentrating your business.
The Permanent Principles
Although the United Kingdom is a unitary state, not a federal one, a very large part of the public services are administered by elected local councils (local authorities) which together employ more than two million people.
London employs only one-third of this number. Scotland and Northern Ireland have their own systems which are not quite the same as that of England and Wales.
All local authorities derive their existence and their powers and functions from Parliament and the central government. Parliament can take powers away or add to them, and it can even abolish any particular authority, or group or class of authorities if it wants to.
Although Parliament has these powers over local authorities, and has used them recently, it does not exercise any detailed supervision through any office of the nature of prefect or local governor. Many of the activities of local authorities are in fact supervised, advised or controlled by the central government. But in each area the elected council and its officers have direct relations with the various central government departments - though these may have regional offices through which some of the central-local relations are conducted.
Traditionally, the most important local area is the county. England has been divided into counties for more than 1,000 years ago. Most of these counties those near the outer edges of England, have the old word 'shir" in their names e.g. Yorkshire. In each county the Queen appoints a Lord Lieutenant as her representative, now only for ceremonial purposes.
Within the counties the oldest units are the parishes. These arc the local communities or villages which became established in the Middle Ages, each with a church as its focal point.
Until 1888 they were important units of administration. Although they still survive and have elected parish councils they have almost no power of their own.
From the early Middle Ages, as some villages grew into towns, the Crown gave them 'charters of incorporation' as 'boroughs' or 'cities', with their own mayors and councils.
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