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A business could keep records of its financial transactions ( Also see Lesson for Financial Accounting ) using a single entry system or double entry system. The former is less work and less time consuming while the latter requires more effort and time. The single entry system is the earliest method to keep monetary records. … Read moreThe Differences Between the Single Entry System and Double Entry System

The general ledger refers to the main set of accounts, and it aggregates all the business transactions that a company has recorded. When the accountants from an accounting firm in Johor Bahru is doing the general ledger reconciliation, they will review all the accounts in it to make sure that the balances of the accounts … Read moreAccounting – General Ledger Reconciliation

Also known as the conservatism principle, the prudence concept is a concept that most accountants, including the accountants from an accounting firm in Johor Bahru, would follow. This accounting principle ensures that the company has not overstated its income and assets. It also makes sure that the company has made provisions for all determined losses … Read moreAccounting – Prudence Concept

Dividend refers to the share of profit that a company distributes to its shareholders (Also see Do You Think Dividend is an Expense?). It is a return that the company’s shareholders obtain for making investments in that business. The board of the company will decide on the amount of distribution, and the shareholders will need … Read moreWhat is Dividend?

Assets refer to anything that has some value. They can be owned by an individual or a company with an expectation to bring them economic benefit in the future. Assets are something basic that businesses should own to ensure that they can function smoothly, and they represent the value of ownership that a company can … Read moreHow Do Tangible and Intangible Asset Differ from Each Other?