Basic principles of accounting and financial reporting.
At the end of each month in the accounting registers for each account calculate the turnover of debit and credit and determine the balances on the 1st day of the month following the reporting month. This final cycle of accounting work is required to verify the correctness of the accounts, as well as to obtain the information needed to compile reports.
The methods of checking the correctness of accounts used in practice are usually based on a system of relationships and mutual control of these accounting registers. In particular, in chess registers, the total sum of the graphs horizontally must coincide with the sum of the graphs vertically. The total sum of turnovers on synthetic accounts for the reporting month, shown in the revolving statement, must coincide with the sum of the log. Reconciliation of correctness of records on synthetic and analytical accounts is provided by means of the current or balance information.
When combining separate accounts of synthetic and analytical accounting in one accounting register, such reconciliation is not required, because the sum of analytical accounts in it is at the same time the result of entries in the corresponding synthetic account.
The results of turnover for the month in the accounting registers are recorded in a specially designated line or on the first free line after recording the last operation. In those registers, where necessary, the balances (balances) on the accounts are displayed on the 1st day of the month following the reporting month. On the basis of these balances make the balance sheet and other forms of reporting.
The main directions of improvement of the accounting information are: association in one accounting register of the chronological and systematic accounting, and on separate accounts – also synthetic and analytical accounting; application of positional (linear) and chess records in accounting registers; use of systems of accumulative and grouping documents for reception of the generalized indicators on group of homogeneous documents and reduction of their further registration; maximum introduction of modern computer technology for processing accounting information.
03/15/2011
Fixed assets: documentation and accounting of transactions. Abstract
Fixed assets may come to the company as a result of: purchases from other companies; contribution to the authorized capital of the founders of the enterprise; exchange for another asset; free receipt
Receipt of fixed assets by the enterprise is made out by the following primary documents:
act of transfer (internal movement of fixed assets; form 03-1). This act is used for registration of operations on enrollment of objects in the fixed assets and for accounting for their operation. It is also filled in in cases of transfer of fixed assets to other enterprises. It is made out in one copy, signed by the head and the chief accountant and together with the technical documentation is transferred to the accounting department; by the act of delivery of repaired, reconstructed and modernized objects (form 03-2), it is signed by the relevant representative of the department or organization that carried out the repair and transferred to the accounting department. In the technical documentation it is necessary to make records of changes in the characteristics of the object, which are related to repair, reconstruction or modernization. The document is made in two copies: one to the accounting department, one to the organization that is being repaired.
In the accounting department for each object of fixed assets opens an “inventory card of fixed assets” (form 03-6) – a register of analytical accounting, which is filled out on the basis of form 03-1, technical and other documentation. The inventory card records the qualitative and quantitative characteristics of fixed assets (company name, location of fixed assets, account, sub-account, analytical account code, initial cost, depreciation rate, year of issue, depreciation amount, passport technical number, date of manufacture) and records of all changes that have occurred to the item of property, plant and equipment during operation.
All inventory cards must be registered in the inventory card description (form 03-7). For object-by-object crediting to the balance of the enterprise at cost and reflection on the debit of account 10. If the object of fixed assets does not require installation and is put into operation immediately after receipt by the enterprise in this case Dt 10 Kt 63.
If the object of fixed assets does not meet the requirements then the account 15 “Capital investments” is used to account for the receipt of fixed assets. In almost all cases, the costs of acquisition or manufacture of fixed assets are accumulated on Dt 15 account and when putting this object into operation, capital investments are written off on Dt account 15 ie Dt 10 Kt 15.
Example:
Received fixed assets from the supplier, worth 24 thousand UAH. including VAT 4 thousand UAH.: Dt 15 Kt 63 – in the amount of 20 thousand UAH.
Dt 64 Kt 63 – in the amount of 4 thousand UAH.
Payment was made to the supplier for the services provided: Dt 63 Kt 31; Dt 685 – Kt 31 – for services.
Contributions of fixed assets to the authorized capital:
the contribution to the authorized capital of Dt 46 Kt 40 is reflected. fixed assets are received as the contribution to the authorized capital of Dt 10 Kt 46.
Legal regulation of accounting and financial reporting in Ukraine. Legal principles of regulation of the organization of accounting: preparation of financial statements at enterprises is established by the Law of Ukraine “On Accounting and Financial Reporting of Ukraine” of 16.07. 99 RUR
This document applies to all legal entities, regardless of ownership and legal form.
This law provides for state regulation of accounting and financial reporting in order to protect the interests of consumers:
application of accounting principles and methods that are established by the UAS and do not contradict international standards; development by methodological ministries of methodological recommendations on the application of UAS in accordance with sectoral specifics.
To ensure the maintenance of accounting methods, the company:
chooses the form of independently organization of accounting; determines the accounting policy of the enterprise and has the right to allocate to a separate balance sheet branches, offices, divisions.
The owner or the authorized person who manages the enterprise in accordance with the legislative and constituent documents is responsible for the organization of accounting. The head of the enterprise is obliged to create the necessary conditions for the proper conduct of accounting, to ensure the proper performance of all departments of their responsibilities.
Responsibility for accounting is imposed on the chief accountant, who must ensure compliance with the company’s uniform methodological principles of accounting, preparation and submission of financial statements in a timely manner: units.
The structure of accounting regulation in Ukraine is as follows:
And the level – the general provisions of the law; Level II – P (S) and chart of accounts; Level III – orders and letters from the Ministry of Finance, which explain each standard in specific situations.
17.03.2011
Accounting policy: essence, principles and methods. Abstract
What is the new accounting policy of the company? Basic principles of accounting and financial reporting. Market management methods. Who initiates the development of the accounting policy, when it is established and who approves it. The impact of changes in accounting policies on events and transactions that occur (occurred) at the enterprise. Accounting valuation
What is the new accounting policy of the enterprise?
The accounting system is a kind of mechanism for preparing and displaying information about the property and financial position of the enterprise. Thanks to this information, internal and external users have an idea of the real state of affairs at the enterprise.
As you know, the methodological basis of accounting consists of the use of primary accounting documents, inventory, assessment, calculation, organization of accounting (management, accounting and tax), calculations and postings, control, preparation of reports. Creating a holistic accounting system involves the active use of a specific element of regulation of accounting and reporting – the accounting policy of the enterprise.
“Accounting policy – a set of principles, methods and procedures used by the company for the preparation and submission of financial statements” – this definition of accounting policy is given in Article 1 “Definition of terms” of the Law of Ukraine of 16 123helpme.me.07. 99 №996-ХІУ “On Accounting and Financial Reporting in Ukraine” (hereinafter – the Law on Accounting).
By definition, the accounting company’s policy is based on the basic principles of accounting and reporting. The principles of accounting should be understood as the rules that must be followed in measuring, evaluating and recording business transactions and in reflecting their results in the financial statements.
The basic principles of accounting and financial reporting are set out in Article 4, Section 1 of the Law on Accounting and paragraph 18 P (S) BU 1 “General requirements for financial reporting”.
During the development of accounting policy should take into account the requirements for qualitative characteristics of accounting and financial reporting, set out in paragraphs 14-17 P (S) BU 1, methods and procedures provided by other P (S) BU, norms and standards established by legislation of Ukraine.
Unfortunately, the definition of the term “procedure” used in the preparation and submission of financial statements of the enterprise, in the Law on Accounting and in the standards is not given. In my opinion, as well as in the opinion of other experts, these procedures should include the form of accounting, the procedure for filling out and signing primary documents, document management rules and technology for processing accounting information, and so on.
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