Tuesday, May 22, 2012
IFRS stands for International Financial Reporting Standards. IFRS is the international accounting framework in which to properly manage and report financial information. It is derived from the statement of Accounting at the London-based International Standards Board (IASB). It is currently the accounting framework that is needed in more than 120 countries.
Tuesday, May 22, 2012 0
GAAP stands for Generally Accepted Accounting Principles or Prinsif-prinsif Financial Accounting Standards. GAAP is a broad group of accounting standards and general industrial use have been developed over the years, and are used by businesses to properly manage their financial information into the accounting records and summarized into financial statements, and disclose certain supporting information.
Statement of cash flows provides information about cash flow in and out of companies, in particular, it shows the level of activity that generate and use cash. This statement is part of the financial statements, although considered less important historically than the income statement and balance sheet.
Petty cash expenditure is a relatively small number that are not possible using a check
Soemarso (2004) defines a petty cash fund as follows:
"A certain amount of cash set aside in the company and used to serve certain expenses. Expenditure-expenditure is usually made through a petty cash fund expenditures which are not large in number, other expenses made by the bank (by check) ".
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