History of Just In Time (JIT): Just In Time, called TOYOTA Manufacturing Production System, is part of the Lean Manufacturing Production System. There is a long story before becoming the Just-In-Time that we know today. Eli Whitney first initiated the Just In Time concept in 1799, who had a large contract with the U.S. Army at […]
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Budgeting is the tool that most business entities use to link the current performance of that business entity to their strategic objective. The entity breaks its long-term goal, like in ten years or is the market leader, into a short-term objective, called a budget. What is Budgeting in Accounting? In accounting, budgeting refers to planning
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Once you perform the Due Diligence Services for your potential customers, you need to get a better and deep understanding of your customers. The predetermine checklists are one of the most methods that most professional accountants who perform Financial Due Diligence typically have. Here are the ten checklists that will help you to gather enough
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Financial Due Diligence is the kind of detailed investigation service over the Financial Records for the specific objective like purchase and acquisition of the whole shares of the targeted companies or extending the number of shares of the existing company from the existing shareholders. In real practice, especially for companies with few shareholders, the selling
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Financial Due Diligence is the professional reviewing service provided by the Professional Accountant. and this service is normally offered by professional accounting firms. Financial Due Diligence is the type of reviewing service or negative assurance. All of the professional firms have to set proper internal control procedures and guidelines to make sure that the services
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Financial Due Diligence is one of the review engagements usually requested by potential investors to perform a financial review of the target company. Financial Due Diligence usually is concerned with reviewing and identifying the targeted company’s Financial Position, and potential hidden liabilities like continence liabilities which are not stated in the Financial Statements and financial
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Definition: Capital expenditures are the type of expenses that the entity spends on acquiring or upgrading long-term assets. Capital expenditures are normally called CAPEX. The expenses could be recognized as or classed as capital expenditure only if those expenses are allowed to be capitalized as long-term assets according to accounting standards and the company’s accounting
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Double-entry accounting means at least two entries for every accounting transaction. The practice leads to the balancing act of debits and credits. The double-entry system follows the principle of the basic accounting equation. It leads to the accuracy accounting function where all debits and credits must equal at any given time. There are several types
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Overview: Trial Balance is the statement or the record that lists down all of the closing account ledgers of the entity for a specific period of time. Those ledgers are present in debit or credit based on the nature of accounts. Trial balance is normally prepared in five columns but sometimes in four, and it
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Overview Ledger accounts are the accounting units that present the summarized balances of transactions under each category. A general ledger is the collection of these ledger accounts. A business can have five types of ledger accounts: assets, liabilities, equity, revenue, and expense. Let us discuss the definition and types of ledger accounts with the help
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