financing-vs-accounting of ozn

description::
"The difference between finance and accounting is that accounting focuses on the day-to-day flow of money in and out of a company or institution, whereas finance is a broader term for the management of assets and liabilities and the planning of future growth."
[{2020-11-05} https://smartasset.com/investing/the-difference-between-accounting-and-finance]

name::
* McsEngl.accounting-vs-financing-of-ozn,
* McsEngl.financing-vs-accounting-of-ozn,
* McsEngl.ozn'financing-vs-accounting,

accounting-conceptual-model of ozn

description::
· accounting-conceptual-model is a-conceptual-model that describes the-accounting-system of an-ozn.
· today more than 120 countries use the-IFRS.

name::
* McsEngl.Mcaccg,
* McsEngl.accounting-conceptual-model!⇒Mcaccg,
* McsEngl.accounting-conceptual-system!⇒Mcaccg,
* McsEngl.accounting-framework!⇒Mcaccg,
* McsEngl.accounting-standard!⇒Mcaccg,
* McsEngl.modelConceptualAccounting!⇒Mcaccg,
* McsEngl.ozn'att029-accounting-framework!⇒Mcaccg,
* McsEngl.ozn'accounting-conceptual-model!⇒Mcaccg,

descriptionLong::
"An accounting framework is a published set of criteria that is used to measure, recognize, present, and disclose the information appearing in an entity's financial statements. An organization's financial statements must have been constructed using a recognized framework, or else auditors will not issue a clean audit opinion for them.
The most commonly-used accounting frameworks are generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). GAAP is used by entities in the United States, while IFRS is used in most other parts of the world. These two frameworks are designed to be broad-based and therefore applicable to most types of businesses. There are other accounting frameworks that are designed for special situations, and which are known as other comprehensive bases of accounting (OCBOA)."
[{2020-11-05} https://www.accountingtools.com/articles/2017/5/7/accounting-framework]
===
"An accounting standard is a document issued by a rule-setting body, stating the manner in which accounting transactions are to be recorded and reported. The entities that most commonly issue accounting standards are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). When an organization follows accounting standards, its financial statements can then be audited by an outside auditor, which is a standard requirement by lenders, creditors, and investors.
Accounting standards cover a broad range of topics, including the following:
* General principles
* Presentation
* Assets
* Liabilities
* Equity
* Revenue
* Expenses
* Broad transactions
* Industry-specific"
[{2020-11-06} https://www.accountingtools.com/articles/2017/5/8/accounting-standard]

asset of ozn

description::
· asset is a-satisfier with measurable exchange-value.

name::
* McsEngl.asset-of-ozn,
* McsEngl.ozn'att035-asset,
* McsEngl.ozn'asset,
====== langoGreek:
* McsElln.περιουσιακό-στοιχείο!=ozn'asset,

descriptionLong::
"3.5 An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time.
It is a means of carrying forward value from one accounting period to another.
Assets may be financial in nature or not.
For almost all financial assets, there is a corresponding [financial] liability.
A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor)."
[https://synagonism.net/standard/economy/un.sna.2008.html#idPara3-5]
===
"A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity."
[Ifrs-Sme-2009]

financial-statement of ozn

description::
· document with measures of the-satisfier-activities and position of an-organization.

name::
* McsEngl.financial-statement--of-ozn,
* McsEngl.ozn'att027-financial-statement,
* McsEngl.ozn'financial-statement,

descriptionLong::
"Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis:[1]
* A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
* An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
* A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.
* A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated period.
* A comprehensive income statement involves those other comprehensive income items which are not included while determining net income.
(Notably, a balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period.)
For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements."
[{2020-11-05} https://en.wikipedia.org/wiki/Financial_statement]

balance-sheet of ozn

description::
"In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition".[1] Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business' calendar year.
A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity.[2] Assets are followed by the liabilities. The difference between the assets and the liabilities is known as equity or the net assets or the net worth or capital of the company and according to the accounting equation, net worth must equal assets minus liabilities.[3]"
[{2020-11-07} https://en.wikipedia.org/wiki/Balance_sheet]

name::
* McsEngl.balance-sheet--of-ozn,
* McsEngl.ozn'att036-balance-sheet,
* McsEngl.ozn'balance-sheet,

accounting-transaction of ozn

description::
· accounting-transaction is a-transaction recorded.

name::
* McsEngl.accounting-transaction,
* McsEngl.ozn'att031-accounting-transaction,
* McsEngl.ozn'accounting-transaction,

accounting-record of ozn

description::
·

name::
* McsEngl.accounting-record--of-ozn,
* McsEngl.ozn'att019-accounting-record,
* McsEngl.ozn'accounting-record,

descriptionLong::
"Accounting records are the original source documents, journal entries, and ledgers that describe the accounting transactions of a business. Accounting records support the production of financial statements. They are to be retained for a number of years, so that outside entities can inspect them and verify that the financial statements derived from them are correct. Auditors and taxing authorities are the entities most likely to inspect accounting records.
Examples of accounting records are the general ledger, all subsidiary ledgers, invoices, bank statements, cash receipts, and checks."
[{2020-10-29} https://www.accountingtools.com/articles/2017/5/7/accounting-records]
===
"Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions.
Accounting records can take on many forms and include (among other camps):
* Ledgers
* Journals
* Bank statements
* Contracts and agreements
* Verification statements
* Transportation receipts
* Invoices
* Vouchers
Accounting records can be in physical or electronic formats.
In some states, accounting bodies set rules on dealing with records from a presentation of financial statements or auditing perspective. Rules vary in different countries and different industries have specific record-keeping requirements.
Accounting records are important for all types of accounting including financial accounting, cost accounting as well as for different types of organizations corporations, partnerships, LLCs, and for not for profits or for profits."
[{2020-10-29} https://en.wikipedia.org/wiki/Accounting_records]

budget of ozn

description::
"an estimate of income and expenditure for a set period of time.
"keep within the household budget""
[{2020-11-17} Google-dict]

name::
* McsEngl.budget-of-ozn,
* McsEngl.ozn'att037-budget,
* McsEngl.ozn'budget,

accounting-vs-bookkeeping of ozn

description::
"What Is Bookkeeping?
Bookkeeping is a crucial first step in the accounting process. Think of bookkeepers as athletes who start the track relay. They lay the foundation for accountants by recording financial transactions. Once the first leg of the race is finished, they hand over the batons—the financial information contained in ledgers and journals—to accountants to complete the race. (That’s not to say that accountants can’t and won’t record transactions—they can and often will. This analogy simply illustrates the differences in roles).
By recording transactions, bookkeepers track your finances so you can view at a glance how much money is entering and leaving your business. And because they’re tax compliant, you can feel confident they’ll keep you on the straight and narrow.
But what exactly are some of the tasks bookkeepers do? Here are six common bookkeeping tasks:
1. Recording income from services as well as expenses such as rent, utilities and office supplies
2. Managing payroll, though this is not a core bookkeeping function
3. Creating invoices and making payments for you—this depends on your specific arrangement with them
4. Comparing the balances in your books against bank transactions to see if they match. If not, they make adjustments and create bank reconciliation statements to record these discrepancies.
5. Tracking accounts payable (money you owe) and accounts receivable (money owed to you). Bookkeepers keep tabs on all invoices and due dates and follow up with late payers. They will also make sure that you pay your accounts on time and don’t pay twice. As soon as the payment is made they will record the amount as a business expense in the ledger.
6. Maintaining the general ledger, which is the master accounting document that stores all your financial transactions. The general ledger typically uses the double-entry accounting method, meaning for every debit on one account there’s a corresponding credit on another. Your bookkeeper will:
* Post relevant credit and debits to your journal before transferring it over to the general ledger
* Ensure these debits and credits balance
* Record all income and expenses in this way
What Is Accounting?
The accountant will now use the recorded data to interpret, analyze and report on the financial health of the business. Because they offer more detailed insights that inform business decisions, you wouldn’t want to hire an accountant to only record income and expenses. You’d pay more for the same service a bookkeeper could do for less, and in the process, underutilize the accountant’s expertise. Here are four tasks that an accountant performs:
1. Preparing financial statements to help you see the bigger picture and assess the financial health of your business, including:
* Balance sheets: A snapshot of your financial situation at a point in time, calculated through this formula: Assets = Equity – Liabilities
* Income statements: A record of all your income and expenses over a period of time
* Cash flow statement: A record of cash flowing in and out of your business for a period of time
2. Analyzing journals and ledger entries, and making adjustments, e.g., accountants will identify any incurred expenses that have not yet been recorded
3. Providing tax advice and completing and filing tax returns
4. Offering financial advice and helping understand the consequences of your financial decisions"
[{2020-11-05} https://www.freshbooks.com/blog/bookkeeping-vs-accounting]

name::
* McsEngl.accounting-vs-bookkeeping-of-ozn,
* McsEngl.bookkeeping-vs-accounting-of-ozn,
* McsEngl.ozn'att030-accounting-vs-bookkeeping,
* McsEngl.ozn'accounting-vs-bookkeeping,

resource of tax

description::
* https://www.pkf.com/publications/tax-guides/pkf-international-worldwide-tax-guide-1/,

name::
* McsEngl.ozn'tax'resource,

mission of ozn

description::
· its most important goal.

name::
* McsEngl.ozn'att012-mission,
* McsEngl.ozn'mission,