Accompt Solutions

Accompt Solutions The company is into developing an IT Solution for easier management of the finances at the personal level.

Banking and finance just got as easy as shopping... with just a click... Launching soon.
26/06/2022

Banking and finance just got as easy as shopping... with just a click... Launching soon.

Accounting is important for small business owners as it helps the owners, managers, investors and other stakeholders in ...
05/06/2022

Accounting is important for small business owners as it helps the owners, managers, investors and other stakeholders in the business evaluate the financial performance of the business. Accounting provides vital information regarding cost and earnings, profit and loss, liabilities and assets for decision making, planning and controlling processes within a business.

A balance sheet is a financial document designed to communicate exactly how much a company or organization is worth—its ...
29/05/2022

A balance sheet is a financial document designed to communicate exactly how much a company or organization is worth—its so-called “book value.” The balance sheet achieves this by listing out and tallying up all of a company's assets, liabilities, and owners' equity as of a particular date.

Unearned income is considered a current liability because it is an amount owed to a customer for an amount received for ...
23/05/2022

Unearned income is considered a current liability because it is an amount owed to a customer for an amount received for goods or services not provided. In other words, it a payable to customer who gave us cash and is waiting for us provide the goods or services they paid for. These unearned accounts are usually reported as current debts because they are typically settled within a year. They may also be classified as long-term if management expects it to take longer than 12 months to provide the goods or services to the customer.

Unearned income is considered a current liability because it is an amount owed to a customer for an amount received for ...
23/05/2022

Unearned income is considered a current liability because it is an amount owed to a customer for an amount received for goods or services not provided. In other words, it a payable to customer who gave us cash and is waiting for us provide the goods or services they paid for. These unearned accounts are usually reported as current debts because they are typically settled within a year. They may also be classified as long-term if management expects it to take longer than 12 months to provide the goods or services to the customer.
             

Assets such as machinery and equipment are expensive. Instead of realizing the entire cost of an asset in year one, comp...
16/05/2022

Assets such as machinery and equipment are expensive. Instead of realizing the entire cost of an asset in year one, companies can use depreciation to spread out the cost and match depreciation expenses to related revenues in the same reporting period. This allows a company to write off an asset's value over a period of time, notably its useful life.

Equity financing refers to the sale of company shares in order to raise capital. Investors who purchase the shares are a...
04/05/2022

Equity financing refers to the sale of company shares in order to raise capital. Investors who purchase the shares are also purchasing ownership rights to the company. Equity financing can refer to the sale of all equity instruments, such as common stock, preferred shares, share warrants, etc.

Fixed costs are those that don't change over the course of time. They are usually established by contract agreements or ...
29/04/2022

Fixed costs are those that don't change over the course of time. They are usually established by contract agreements or schedules. These are the base costs involved in operating a business comprehensively. Once established, fixed costs do not change over the life of an agreement or cost schedule.

Goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets pur...
19/04/2022

Goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and proprietary technology represent some reasons why goodwill exists.

Historical cost is what your company paid for an asset when you originally bought it. That cost is verifiable by a recei...
07/04/2022

Historical cost is what your company paid for an asset when you originally bought it. That cost is verifiable by a receipt or other official record of the initial transaction. It is a static snapshot of asset value at the time of purchase and provides no measure of how value may have changed over time.

An income statement is a financial report that summarizes the revenues and expenses of a business. This document gauges ...
31/03/2022

An income statement is a financial report that summarizes the revenues and expenses of a business. This document gauges the financial performance of a business in terms of profits or losses for the accounting period.

A journal entry is a means of recording all of a company's individual financial transactions in its journal. To put it i...
29/03/2022

A journal entry is a means of recording all of a company's individual financial transactions in its journal. To put it in other words, it is the daily accounting input for each business event noted in the journal.

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