ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 50th BLOG           💎 ACCOUNTING💎 ⭐ MODEM ACCOUNTING TRENDS : Hi friends  🙏 Today's discuss fifth learning section...                                     So let's discuss .... Many accounting leaders and accountants are feeling the business impact of automation and high-tech systems. As a matter of fact, a Sage report reveals that about 90% of accountants feel that accountancy is undergoing a cultural shift that is leaning more toward technological adoption. This cultural shift is driven by several factors. The report attributes it to marketing demands, regulations, generation change, and client demands, as well as investments that businesses make to keep pace with the accounting world. With such a transformation in the industry, more and more accounting leaders and professionals are discovering new strengths in utilizing advanced solutions for accounting processes. Most services in the accounting industry are vulnerable to disruptions. There is a need

ALL ABOUT ACCOUNTING : 49th BLOG           💎 ACCOUNTING💎 ★ Accounting exercise and practices :   Lesson : 5 [Part : 4] Hi friends  🙏 Today's discuss final exercise Relationship between Financial Statements.                               So let's discuss .... * RELATIONSHIP BETWEEN FINANCIAL STATEMENTS : 1. What are two examples of non-cash items?  * Ans : i. Depreciation Expense ii. Provision for Loan Losses 2. What is the purpose of creating the Statement of Changes in Financial Position? * Ans : The Statement of Changes in Financial Position is created in order to determine whether an organization has enough cash flow (or working capital) from operations and other sources and uses of cash. It is important that cash flow be forecasted accurately for two reasons:  (i) Idle funds are expensive. If an Organization has branches which it charges for  funds disbursed to them then excess cash sitting at the branch is expensive due to  the “cost of funds” charged to the branches by