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Accounting rules in commercial establishments

Accounting

Accounting expresses a financial system that helps in coding and saving the financial transactions of commercial establishments, and this system also helps to monitor all revenues and costs associated with the work of the financial entity, and provides financial reports that show the credibility and success of the financial performance in the facility, and the accounting department also helps business owners to submit their returns Accounting is divided into four areas, which are advisory services, accounting, record keeping, tax advice, and finally auditing, and all accountants must abide by all accounting rules in commercial establishments, which are essential to ensure the credibility of lists and reports. Finance.

accounting rules

Accounting rules are a set of standards, guidelines, practices and documented agreements that aim to provide the principle of honesty and transparency in preparing financial statements and dealing in all accounting situations. It helps the commitment of the members of the board of directors to show all realistic images of the financial entity, and the accounting auditor must ensure that all accounting rules are applied in commercial establishments, and that they are followed in all financial statements of the facility, so that they are accepted by investors, lenders and tax authorities.

Accounting rules in commercial establishments

Accounting rules in commercial establishments
Accounting rules in commercial establishments

Accounting rules are applied in all countries of the world, and they provide many bases of safety in the financial statements of commercial establishments, and help improve the transparency of financial reports. The following points illustrate a set of accounting rules in commercial establishments:
  • The accountant must unify and organize all the assumptions and methods used in preparing the financial statements, and in all accounting transactions, in application of the rule of consistency or consistency, which means that it helps commercial establishments in preparing financial statements related to the previous years and the following years as well.
  • All companies must comply with all accounting rules in business establishments, and follow generally accepted accounting principles when releasing financial statements to the public.
  • The law requires all commercial establishments to review all their financial statements by independent auditors, in order to confirm that the financial statements of the commercial establishment have been prepared in accordance with the principles and rules of accounting.
  • Accountants should fully disclose any of the changes that may occur when applying accounting standards, and provide a full explanation of the reasons behind the modifications that occurred in the accounting rules.
  • It is necessary for the accountant responsible for the financial statements to fully report all the positives and negatives of accounting transactions and with complete transparency.
  • Ensuring that all financial statements, which are included in all accounting statements and reports, reflect the facts of financial transactions, and are not clouded by speculation.
  • One of the most important rules of accounting in commercial establishments is the application of the principle of continuity, in which the financial accountant in commercial establishments should evaluate assets on the assumption that the company will continue to operate during the coming years.
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