Proprietorship firm Case Study 1 (Opening Balance Transfer): Accounts up to finalisation (lecture 4)
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- Опубликовано: 8 сен 2024
- Accounts up to finalisation (lecture 4): Proprietorship firm Case Study 1
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Institute of Business Applications (IBA) is leading institute that provides practical Training (Online & Classroom) in Accounts up to finalization, Finance (Financial Analysis to Financial Modelling & Valuation), Taxation (GST, Income Tax, TDS, Custom duty, Payroll Compliance), Audit (Tax Audit, Company's Audit), SAP ERP, (SAP FICO), VBA excel macros and many more.
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Question: What is Accounts Finalization?
Ans: Accounts finalization is the conclusive step in the accounting cycle, where all financial transactions and activities are systematically reviewed and adjusted to prepare the final financial statements. These statements, including the balance sheet, income statement, and cash flow statement, offer a comprehensive overview of the company's financial standing.
Question: The Significance of Accurate Finalization.
Ans: Accurate accounts finalization is paramount for several reasons. Firstly, it ensures compliance with regulatory standards and reporting requirements. Secondly, it provides stakeholders, including investors and creditors, with transparent and reliable information about the company's financial performance. Lastly, it serves as a foundation for strategic decision-making, helping businesses chart their course for the future.
Steps for Accounts Finalization
Step 1: First things first, collect all your financial puzzle pieces. This includes bank statements, receipts, invoices, and any other financial records. It's like rounding up all the evidence for a case.
Step 2: Once you have your financial evidence in hand, it's time to sort them into categories. Think of it like organizing your closet . This step helps make sense of the chaos.
Step 3: The accountant will tally up the income, subtract the expenses, and voila - you've got your financial snapshot.
Step 4: The accountant may need to make adjustments. It's all about fine-tuning to ensure every detail is in its right place.
Step 5: Financial statements - the balance sheet, income statement, and cash flow statement - showcase the masterpiece of your financial year.
Step 6: The accountant ensures that your financial masterpiece follows the guidelines, meeting all legal and regulatory requirements.
In conclusion, accounts finalization is not merely a year-end formality; it is a strategic imperative for businesses aiming for sustained success. By adopting best practices such as maintaining organized records, regular reconciliation, automation, departmental collaboration, and ongoing training, organizations can streamline the finalization process and derive actionable insights from their financial statements.
Remember, the accuracy and efficiency of accounts finalization are indicative of a company's commitment to transparency and financial stewardship. As businesses navigate the intricacies of the financial landscape, a well-executed accounts finalization sets the stage for informed decision-making and future growth.
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#accounting #accountancy
Hats off to you for your teaching style sir ....
Solid vedio hai sir ji
Thank you for kind words.
outstanding sir... Main to aap video me time waste nahi karte.. thank you very much for share your knowledge with us
Thank you for the kind words.
Sir apke video dekhne se sab easy lagta hai
Thanks Sir for sharing your knowledge
Your video is very important and knowledgeable.
Thank you for kind words.
Any query related to accounts up to finalisation, please write in the comment section.
Awesome Sir
Waiting for all next vedios
Doing great sir 🙏🙏🙏🙏
Thanks for the kind words.
Sir
Waiting for next vedio.
Could please provide opening trial balance excel file for practice ?
Osum sir and thanks
Thank you for kind words.
Love you sir ❤
Sir please provide Excel data of shree krishna foods
Sir video is informative.... Can you please give us the excel data for the practice purpose
Sir aapse ifrs padhna chahti hu kaise padhe
Thankyou
You’re welcome 😊
Railway contractor account finalise kyse karojghe
Sir GAAP India par ek video banaye
Hello sir
Next lecture kab h aapka
Opening Stock Expenses Kaise Hui Sir
Aur Depreciation Assets Kaise Hui Sir
Opening stock if the previous year closing stock, so this will record on debit side of trading account. Secondly, dep goes in expenses, but accum dep goes into balance sheet.
@@IBATraining Thanks 🙏
Sir cash statment kha milega
sir ap jo case study use kr rhy ye hmen mil sakti ?
sir plz rpl
practice k lu
How many lectures will be there in this Accounts upto finalisation sir??
There are numerous lectures in accounts up to finalisation, because we learn this with different case studies, of individual, Firm , & companies, and we also explore many industries also, to enhanced practical knowledge.
@@IBATrainingi agree, just wanted to know where can i get full knowledge of finalisation at one place, so that we can learn this as fast as possible
Sir ka mob. No. Send karna friend
I want this excel file for practice