Online Accountancy

The long-term contracts represent a particular type of contract. For best accountancy training Best school of accountancy In Lahore . As such, they benefit from a special accounting treatment. Generally characterized by the deployment of a single project over a long period and with a certain complexity, long-term contracts can be managed according to two methods. Compta-Facile presents a fact sheet devoted exclusively to the definition of a long-term contract and its management in accounting. Long-term contract The General Accounting Plan ( PCG ) provides a long-term contract definition . This is a contract that: Generally lasts quite long (it extends over at least 2 years accounting) It concerns a single project of construction, realization or participation as a subcontractor to the realization of a property or a service that is often complex, that is to say a good or a service (or a set of Goods or services), And whose design, technology, function or end-use relate to t...

The method of advancement can only be used in certain cases and especially when precise conditions are met. The company must: Be able to assess assets and work in progress at the end of the accounting period ( preferably, it should carry out a permanent inventory); Be able to prepare forecasting accounting documents (it is advisable, in this respect, to keep an analytical accounting in order to correctly relate its expenses to the contracts concerned). Three cases are distinguished and will be presented below. They depend in particular on the ability of the company to reliably or not estimate the result at the end of its contracts (its forecast margin). This condition is assumed to be met when the enterprise: Can clearly identify the total amount of contract revenue , Can clearly identify the total cost of the contract And that it has management tools to calculate and adjust the percentage of progress of each contract. Accounting treatment of the method at the progres...

The long-term contracts can be managed in two methods in accounting. For best accountancy training Best school of accountancy In Lahore . Here is the complete presentation of one of them, called the method to progress as well as the concrete answer to the question: how to account for a long-term contract using the method to progress? Long-term contracts Long-term contracts in a nutshell The long-term contracts are not met, in practice, that in certain sectors. They relate, in general, to the accounting of construction and public works, computers and the aeronautics and space industries. They correspond to long-term contracts (more than two financial years) involving complex and unique projects . For a fuller presentation: defining and managing long-term contracts. The long-term contracts may be two accounting treatments different: the first as the percentage of completion method (shown here) and the second using the method to completion (presented in a separate article and ...

The extent of an accountant's work depends on the size of the structure in which he carries out his job. In smaller companies, the chief accountant is very versatile. It is the guarantor of the entire accounting process and oversees, in particular, the accounting entry operations and the audit work. He makes the declarations of VAT, completes the tax package and prepares the annual accounts of the company. It may also be accompanied by an accountant for certain tasks. In addition, it may have the task of producing summary tables and reporting , in the same way as forecast tables (grouped within a document called financial forecasting ). Moreover, it may be necessary to implement dashboards and other strategic management tools (budgets, etc.). In this type of structure, he is usually the preferred advisor to the head of the company or the manager. It is, therefore, placed directly under its responsibility. In companies of size average, its mission is mainly refocused on aspe...

For best accountancy training Best school of accountancy In Lahore . The chief accountant profession uses a knowledge panel that is more or less extensive depending on the size of the company in which he works. Its primary mission is generally to supervise the accounting team. It ensures compliance with and proper application of accounting and tax rules. It may, however, be assigned additional tasks such as personnel administration, for example. Here is a sheet presenting the profession of chief accounting officer and answering the questions: what are the diplomas necessary to carry out the profession of chief accountant? What are the missions he can perform? What is the average salary for an accounting chief? What are the prospects for career development? The profession of chief accountant What qualifications are required to practice as a chief accountant? Traditionally, the degree giving access to faster the chief accountant profession is the higher degree of Accounting and...