How Financial Statement Audits are Performed.
Introduction A business carries out several transactions in a year. How are auditors able to audit businesses and issue opinions? How do we perform financial statement audits? I’ll take you on a short tour of how auditors perform financial statement audits. Taking the time to…
5 Accounting Terms You Must Know to Understand Financial Reports
Accounting has its own language. To have a meaningful conversation with your accountant, you must know the accounting terms they use. Five accounting terms you must know are: Net income Cash flow Invoice Accounts receivable (also called debtors) Accounts payable (also called creditors) WHAT IS…
I MADE A PROFIT BUT WHERE DID THE CASH GO?
I made a profit but where did the cash go? This is the surprised reaction when you make a profit but have no cash to show for it. You pay bills with cash and not profit. So, whilst you’ve made a profit, you may not…
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