Wikiaccounting

The Major Concept of Performance Pyramid: The Major Concept You Should Know

In this post, we will talk in detail about the major concept behind the performance pyramid philosophy in performance management. Performance Pyramid comes from the idea that an organization operates at a different level, each of which has a different concern which should nevertheless in achieving business objectives. This concept also believes that the business …

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How to Prepare An Internal Audit Program? Tips and Guidance

Audit, Audit Procedures

Overview: Before we start a step-by-step on how to write an audit program, we would like to start with the overview of internal audit along with some definitions and, more importantly, what you will get after reading this article. An internal audit is the independence department working and reporting directly to the audit committee. The …

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Defined Contribution Plan and Defined Benefit Plan: Explained

Financial Accounting

Overview As an employee, one might be eligible for at least one of the two types of pension plans. Defined contribution plans and defined benefits are both types of pension plans. Both of the pension plan categories are employee-sponsored, and employees are eligible for it upon retirement. A defined benefit plan is traditionally known as …

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Fixed Assets (IAS 16): Definition, Recognition, Measurement, Depreciation, and Disclosure

Fixed Assets

Fixed assets definition: Fixed assets normally refer to property, plant, and equipment held for use in the production or supply of goods or services, rental to others, or administrative purposes. They are expected to be used by an entity with more than one year accounting period. Those assets included land, building, machinery, cars, computers, and other …

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What is asset? Definition, Explanation, Types, Classification, Formula, and Measurement

Financial Statements

Definition: The definition of assets refers to the resource controlled by the entity as a result of past events and expected to have future economic benefits inflow to the entity. This is what Conceptual Framework said. The company’s assets, under the Conceptual Framework, could be range from tangible to intangible and from current assets to non-current assets. …

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Top 5 Depreciation and Amortization Methods (Explanation and Examples)

Fixed Assets

Overview: Depreciation and amortization methods are how an entity used to allocate or charge the expenses on fixed assets that the company use for their operational purpose into the financial statements, specifically, in the income statement, in systematic ways based on the method allowed by applicable accounting standards. As we all know, almost all of …

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Depreciation Expenses: Definition, Methods, and Examples

Fixed Assets

Definition: Depreciation expenses are the expenses charged to fixed assets based on the portion of assets consumed during the accounting period based on the company’s fixed asset policy. The expenses that charge during the period (monthly or yearly) are recorded in the company’s income statement. The accumulation of it is recorded in the accumulated depreciation, …

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Financial Controller: Overview, Qualification, Role, and Responsibilities

Financial Accounting

Overview: Financial Controller is generally referred to as the high-level executive person who oversees the Finance Department and other senior executives, including Finance Director or sometimes CFO, Finance Manager, and other executives. There are many roles and responsibilities that the Financial Controller has, but here is the main important task they normally perform: Oversee financial …

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Financial Management: Overview and Role and Responsibilities

Financial Accounting

Financial management deals with the ways in which an organization can raise funds for the various projects, allocation of those funds in the most productive and efficient way, how to exercise control over those funds, and how to distribute the returns of those funds to the various stakeholders. It generally deals with planning, controlling, organizing, …

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