Accounting. Three different types of accounting.

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Accounting. Three different types of accounting.

Plan:

1. Important questions about financial management and accounting.

2. The role of financial management in the company's activity.

3. Cash flow cost forecast.

 

Accounting was born out of a serious necessity in ancient times, because at all times it was impossible to run an economy without measuring and counting, without comparing income with expenses. Accounting is one of the three types of economic accounting, and there are also statistical and quick (operational) accounts.

Statistical calculation calls for the study of mass phenomena not only of economic life, but also of social life of society.

A quick account is kept for the purposes of quick management of production in enterprises. A quick account is maintained on the spot and at the time of any business transaction.

Any business needs to have an efficient accounting system. All commercial agreements must be on paper. Many small businesses have failed as a result of poor accounting. A business may produce a very good product, have a large turnover and have a high net profit, but the lack of proper accounting can cause serious problems. In many cases, small business owners believe that accounting is not very important to their small business. A small business owner is faced with various problems and decisions every day. Managers who are aware of all aspects of business make the right decisions. Proper accounting can provide the necessary financial information to solve management tasks and make sound business decisions.

Accounting is a system of gross, non-identical and document-based reflection of the economic activity of an enterprise of any form of ownership. Therefore, strict documentation, total impersonality, reliance on exact cost estimation are the distinguishing features of accounting.

              In the accounting account, a document should be drawn up in accordance with any economic operation, with all the necessary indicators, signed and approved by the responsible persons.

 Accounting is self-contained because it is kept on a day-to-day basis and records all business events and processes in a gross manner.

Business entities, regardless of the form of ownership, must keep accounts in accordance with the law, regulations and manuals developed by the relevant authorities.

Different people will want to know about your company's financial situation. Such information is necessary for bank employees when applying for a loan; the tax inspector must also have such information; your relatives, acquaintances and all other persons who have given you a loan should have such information. Suppliers of goods also want to know the financial status of your business, because they supply their products to you without upfront payment, which is equivalent to providing credit.

In the organization of accounting, the needs of external users should be taken into account, while taking into account the need for accounting information not only for internal, but also for top management.

Users of accounting information can be divided into two:

• internal users;

• external users.

Internal users of financial account information include employees of the enterprise, management apparatus.

Users outside of financial accounts can also be divided into two groups:

1. A) those directly interested in the enterprise's activity;

2. B) indirect stakeholders.

     The following examples can be given to those directly interested in the company's activities:

• Shareholders;

• Creditors;

• goods suppliers and buyers;

• tax control inspection;

• labor exchanges and others.

Users of financial reporting data include those who are indirectly interested in the company's activities:

• audit firms;

• consultants on financial issues;

• stock exchanges;

• legislative bodies;

• jurists (representatives of the economic court);

• press and information agencies;

• trade, production associations;

• social insurance bodies;

• trade unions.

The financial reports of economic entities are collected and summarized by higher organizations and statistical committees, information on inter-industry, inter-regional and, in general, scale of the entire public economy is obtained, analyzed, and appropriate measures are determined. their application to life is ensured.

     Certificate of employment. A business owner needs to know about the funds being paid to him and his employees. This alone requires the establishment of a small accounting system for accurate and orderly accounting.

     Cash receipt in the cash register. The head of the enterprise needs to know how much money is in the cash register at any given time so that he can make payments on which accounts. Cash flows into and out of the business every day, but without a written record, business owners don't know how much they can pay.

     Accounts receivable. In certain situations, the owner of the enterprise provides credit to some of his customers. In this case, the money owed to the business is called a receivable. This is an important component of the account. Where do you find out when and how much to bill for the delivered products? When should the loan expire? When should you take more serious steps to demand payments on past due accounts? If the loan is interest-bearing, when should the interest be calculated?

     Accounts payable. Money owed by a business owner to others (such as suppliers) is called accounts payable. Accounts presented for payment must be paid on time. There are two reasons for this: (1) you can sometimes be given certain benefits for being a "payer on time" and (2) you get along well with the people you're doing business with. need In such a situation, many mistakes can be made without a proper accounting system.

     Account of material and technical resources. Even in a small wholesale business, the business owner must keep records of material and technical assets. What kind of goods are sold? Which ones are unsold? Are there enough products in stock? An entrepreneur may remember some information like this, but it is not enough to ensure the necessary income, of course.

     Government requirements. A business owner must also prepare financial information for tax purposes. Taxes are based on income. Even in the small retail sector, it is necessary to prepare reports and sew them into certain collections.

     Financial statements. Just as everyone undergoes an annual health checkup, a business owner must prepare a detailed financial statement at least once a year. What is the company's total sales volume? What are his expenses? What was the income before and after tax? What can a business owner do to improve things in the next year? If a loan is taken, such a report should be presented to bank employees, and if the enterprise needs to be sold, to potential buyers.

      Independent accounting. If the enterprise is not very big and you have some experience, you can do the accounting yourself. But remember: by doing this, you, as the boss, will be forced to put aside the things that only you can do in the enterprise. Plan to outsource the bookkeeping as soon as possible. You should be able to understand the implementation of this system at this time, which will save you if your accountant leaves your company or is temporarily absent due to illness.

     Assistant appointment. If you hire someone else, one of the tasks assigned to him may be all (or some) accounting. All your employees keep certain types of accounts, they write checks for purchases, work with cash registers; in most cases, the bookkeeping assigned to them is carried out accurately. It is your responsibility to train and guide your employees and monitor the accounting methods used.

     Hiring an accountant on a full-time basis. If your company is large enough, you can hire an expert in this field. Such an expert will usually know more about accounting than you do. Some entrepreneurs are afraid to fully delegate authority in this area. The reason is that they know that accounting should be kept under constant control, sometimes such an attitude causes a number of complications and even destroys the work of accountants. Define your wishes and requirements and do not hinder the accountant's independent work!

     Hiring a professional accountant. There are many accounting firms that specialize in providing services in the field of accounting. These services range from annual reporting to weekly accounting.

     Accounting. Finally, if your business is large enough, you can create your own accounting department, which can be headed by either a chief accountant or a manager who is fully responsible for the company's financial situation. Your accounting department can maintain a complete set of accounting books. These include accounts receivable, accounts payable and general ledger. Also, in addition, mechanical or electronic means can be used.

When organizing accounting, it is necessary to determine the volume of accounting work, the number of accounting employees, the distribution of accounting work among them, the used form of accounting, and the use of calculation techniques in accounting work.

Countries, especially developing countries, try to adapt their accounting and reporting to the world standard in order to attract foreign investments, and in this way prepare the ground for the development of the economy.

Sources with the right to regulate accounting in our republic are as follows:

• normative and legal acts adopted by legislative bodies;

• Normative documents and instructions adopted by the Ministry of Finance together with the State Statistics Committee, as well as with the participation of qualified specialists of ministries and networks, professional public organizations.

     Examples of professional public organizations are Association of Accountants and Auditors, Chambers of Manufacturers and Entrepreneurs.

     The main legal basis of the accounting system in the Republic of Uzbekistan is defined in the Law "On Accounting". In this matter, the duties and rights of accounting staff, the main goals, tasks, and principles of the accounting system of enterprise managers and accounting are shown.

Accounting in enterprises is managed by the chief accountant. In turn, the chief accountant is subordinated to the head of the enterprise from the administrative side, and to the chief accountant of the relevant superior organization in terms of accounting.

The chief accountant is assigned the following tasks:

• proper organization of accounting work;

• control over the retention of ownership of the enterprise;

• ensuring that the company's material assets are used wisely;

• establishing the efficient use of the company's material assets;

• ensuring timely and correct documentation of economic processes, proper organization of document circulation;

• to ensure the correctness of account information, the preservation of ownership, to ensure that the investment is carried out on time, in the established order, and that the results are formalized on time and correctly;

• monitoring compliance with budget and financial procedures.

In performing the duties of the chief accountant, all accounting staff are widely used to follow his instructions. Documents processed in all departments of accounting must be submitted to the chief accountant within the established period.

All forms of financial statements of document-keeping entities are approved by the chief accountant together with the head.

In the administrative management system, accountants functioned as recorders of business processes, while in the conditions of a competitive market economy, their tasks include analysis, control, management to a certain extent, and acquiring knowledge in the field of marketing.

The chief accountant of the enterprise is required to sign and execute documents contrary to the law and the contract and financial discipline. The chief accountant, who has come across such documents in the course of his activities, must inform the head of the enterprise in writing. After the second signature of the written order from the head of the enterprise or, in the above cases, the head of the enterprise, the chief accountant begins to execute it. In such cases, the head of the enterprise is fully responsible for the legality of the processes carried out.

Appointment, replacement and dismissal of materially responsible persons (cashier, warehouse manager and others) is carried out with the approval of the chief accountant.

When the chief accountant becomes vacant, all accounting work is assigned to the new chief accountant (if the new chief accountant is not appointed, to the employee appointed by the order of the head of the enterprise). In this case, the state of accounting is checked, as well as a document is drawn up, which reflects the authenticity of the report data and is approved by the head of the enterprise.

Another factor to ensure that the accounting information fully meets the requirements of the present time is the intelligent organization of the workplaces of the accounting department employees. Intelligent organization of the workplace of employees in accounting, firstly, helps to increase labor productivity, secondly, to preserve the health of employees, and thirdly, to reduce excessive costs.

In a competitive market economy, economic entities conduct their activities independently (except for state-owned enterprises). Now enterprises independently determine expenses and incomes during their activities and operate accordingly, and independently determine relevant enterprises in economic relations. So, economic entities need to finance themselves.

Enterprises should thoroughly study the demand for products (work, service) and goods for sale in the conditions of the market economy.

When studying market demand, value, quantity, territorial and other characteristics are given importance. Production of a product (work, service) with the characteristics required by the market, entering into the task of enterprise management, the fulfillment of this task naturally relies on information and data. In the accounting of the economic entity, all information related to economic activity is formalized.

Accounting, in turn, must be provided with the necessary information to convey the necessary information to the management apparatus. For example, in the field of the tax system, the degree of timely provision of the instructions, guidelines, regulations of higher organizations related to the activities of economic entities, as well as laws and decisions adopted by the government of the Republic. accounting information is the basis for compliance with the principles of reliability, importance, significance.

     Issue: Akram has been doing business for the past three years. He took a loan from the bank on January 23 to expand his business. Below is a list of business transactions that his company performed between January 23 and February 4. If Akram had 52500 soums at the beginning of the period under review, how much money will he have at the end of this period, on February 4?

Sana	Agreement and amount	(Debit) pul whether capacitor positive (+) lead	(Credit) pul output negative (-) lead	Check out armpit
23	January 23 to his aunt Check out armpit			52500
23	The loan received in the form of cash is 202500
24	120000 paid to the property owner for the building and land
24	Purchased tools and equipment 43125
24	Purchased various equipment 13425
24	Raw materials and materials were purchased 2625
25	Goods purchased 19125
25	Products sold 2625
26	Products sold on credit 3375
27	Products sold 1875
28	Goods purchased 2250
28	90 paid for transport
28	Money received for personal purposes 2625
28	Products sold 1170
30	Products sold 1515
31	Electricity bill paid 22500
31	Products sold 1185
1	A temporary assistant was paid 1290
2	Products sold 1875
2	Products sold on credit 1740
3	975 made payments for repairs
3	Products sold 2205
4	Goods purchased 3045
4	195 paid for transport
4	Money received for personal purposes 750
4	The final touch

Financial forecast

An entrepreneur who has established an accounting system suitable for the size of his enterprise always knows how his business has developed to date. But the entrepreneur should be sure that he will be able to make all the mandatory payments in the future, for example: payment of wages, payment of materials, interest, repayment of debt to the supplier or bank, etc. The numbers from the accounting system are very helpful in making such forecasts, especially when we are dealing with seasonal business. One of the tried and tested methods of financial forecasting is the cash flow plan. As the name suggests, this plan shows the cash flows coming into the business and the cash going out of the business. When drawing up the cash flow plan, the money in the company's bank account number is also taken into account. Business financing usually comes from the sale of products, goods or services. There are also other sources of inflow of funds, such as bank loans, overdrafts, sales of old equipment, tax refunds, etc.

The outflow of financial funds from the business is mainly used to pay wages, to cover production and fixed capital costs. An entrepreneur who has a sales plan under his belt looks at the expected capital turnover and the planned costs of production and purchase of goods. A monthly cash flow plan is a tool for an entrepreneur to estimate the expected amount of financial funds coming in and out of the business each month. This will help prevent the entrepreneur from running out of funds. How to create a cash flow plan?

The table below shows an example of a cash flow plan. Entrepreneurs make such a plan in several steps.

1. The cash available in the cash register and the money in the company's bank account number are calculated and entered in the cell in the column "Month 1" in the line "Money at the beginning of the month". For an entrepreneur starting his own business, this is the amount of working capital.

2. In the sales plan, the intended income is included in the line "Income from sales". If a part of the product is sold on credit, the payment for that part is not included in this month. This fee is entered when the customer makes the payment.

3. Expected funds from other sources, for example, a bank loan, or interest accrued on funds kept in a bank, are included in the line "Income from other sources".

4. The total of these lines is the final cash balance and is entered in the "Total cash receipts" line.

5. All expenses incurred by employees during the month, insurance expenses and other benefits given to employees, along with the salary of the business owner, are included in the line "Cash withdrawal - expenses for employees".

6. Production costs vary according to the sales plan, especially the costs of purchasing goods or material costs. If some goods are taken on credit, the corresponding amount is entered in the table when the credit fee is paid.

7. Any other payments of the enterprise, for example, interest payments for using a bank loan, taxes, payment for the registration of licenses, are included in the line "Cash disbursements for other expenses". Investments planned for this month will also be entered here.

8. The sum of the three numbers in these rows is entered in the "Total Withdrawal" column.

9. The last step in planning your cash flow for the first month is to subtract your total cash inflows from your total cash outflows. As a result, the amount of cash that will be received at the end of the month will be reduced. This number will be entered in the last row. Cash flow for other months is calculated in the same way. The amount of money at the end of each month is included in the plan as the amount of money available at the beginning of the next month.

Usually, the cash flow plan is drawn up for 12 months within the financial year. However, the plan should be based on realistic information. The duration of the period depends on the type and activity of the enterprise, therefore, if necessary, a month-to-month plan can be drawn up for a short period of time.

Cash flow action plan

votes	1	2	3	4	5	6	7	8	9	10	11	12
Oy at the beginning funds
From realization income
Other from sources income
Total money whether
Cash output - to employees expenses
Production expenses withdrawal
Other to expenses withdrawal
Total money output
At the end of the month money bag

The monthly cash flow plan should be verified and updated on a monthly basis in order to quickly identify possible inconsistencies in the general, annual plan. If the plan shows that the enterprise will run out of funds at some point, the entrepreneur must take appropriate measures:

or: • increase sales • restricting the granting of loans to customers • excess funds in the bank account to spend • sale of investment objects • or asking a friend for a loan increasing cash flow.

or: • reducing production costs • choosing a supplier with a lower price • taking a loan from the supplier • the term of using the loan achieving growth • the duration of planned investments postpone reduce spending.

     Business startups are often asked to make a cash flow plan for the next 12 months or, if they plan to get a bank loan, for the term of the bank loan.

Cash flow plan

 

     Issue: What can the cash flow chart tell us about Tolkin's business? First, he tells us how much money Tolkin needs to get his business off the ground. Here's a list of the equipment Tolkin's company needs:

	Price (thousand soums)
• Truck (4 wheel drive without)	60300
• Plowing device	15700
• Fuel tank	750
• Flap Shovels (3)	50
• An axe	60
• Tools	4540
• Haskash (2)	50
• Hoses	1050
JAMI	82500

82,5 mln. necessary for the purchase of equipment. 12 million soums for the purchase of building materials for Tolkina. 15 million soums for the purchase of office equipment. 3 million soums for the purchase of office supplies. Soum funds will be required. Thus, its previous expenses are 112,5 million. is soum.

 From the cash flow chart, we can see where and how much Tolkin is earning. It also shows how this cash is being used. Note that the cash flow in Tolkin varies seasonally. From November to March, the flow of money is very large. But in the months between seasons, Tolkin's company makes almost no money. Indeed, cash income is very low during these months and Tolkin is forced to live on the money he earned earlier.

     So, how much money does Tolkin need to start his business? He needs enough money to cover the initial costs of setting up the business and also enough money to support himself during the off-season.

The seventh month (October) since the start of the enterprise is the month with the lowest cash flow for Tolkin, its result (minus) is 37,680 mln. fell to soum. He paid all his bills this month, but still had more expenses than his income. If this situation persists, Tolkin will have to leave the business quickly. However, Tolkin knew that it would take him 1077 enough time to strengthen his position in the market, and therefore accumulated enough funds in the bank account number.

     Now, many businessmen would say, "The thing is, if I get 150,2 mln. to start my own business." 112,5 million soums are requested. soums for initial expenses and another 37,7 mln. soums will go to cover the expenses that will increase from my income until October." But Tolkin can see far ahead, he knows that the receipts related to the fulfillment of some contracts may be a little late.

Instead of starting a business with barely enough money to cover his initial expenses, Tolkin used a good old rule of thumb that his banker had advised him: the more materials and equipment needed to start, the more money. collect (112,5 million soums), multiply by one and a half the money that may be required for living in the first months, add 37,7 million soums. half of the soum is about 19,3 mln. 37,7 million soums. soums plus 19,3 mln. 57 million soums, enough to cover production costs. gives soum. Instead of starting his business with "just enough" money, Tolkin started his business with enough money to make it a success if he took a lot of trouble. He also planned to have extra cash to cover possible unexpected expenses. Now even if he has to repair his truck, or if the price of gas goes up, or if one of the customers doesn't pay on time, he knows how to save himself and his business in difficult times. z goes on.

This is how you should plan your business. Before you start looking for ways to "cut corners" or when you're starting with less money than you need, think about how much it costs to run your business properly. Remember, you need to multiply your bottom line cash flow by one and a half to two times the actual amount of money you need.

it will be almost close. This is the real money you will need to start your business. If you follow this rule and think carefully about your expense structure (including the expense portion of your cash flow plan), you won't suffer from a working capital shortage. Thus, 112,5 mln. soums to cover the initial costs and 57 mln. 169,5 million soums were used to replenish working capital. there is a purpose of mobilizing soum.

Cash flow plan

 

To set a cash flow plan, you need to estimate how much money you will need to run your business over the next year. Think of this document as a monthly profit and loss statement. (Your profit and loss statement is a document that shows sales revenue, selling expenses, and overhead, so it tells you the amount of profit and loss as a result.) By adding up the bottom lines, that is, the amount of monthly profits and losses, you can get the cumulative cash flow. Consider how the final line changes in the example of Table 7.7.1.

In the conditions of the market economy, in order for each business entity to achieve its goals, first of all:

• to reflect, analyze and evaluate its financial economic activity in the last reporting period;

• they must collect and present information summarizing their financial economic activities for external (investors, state institutions and higher organizations) and internal consumers.

Based on these requirements, regardless of ownership and organizational forms, every business entity must cover and evaluate its financial business activity in the past period, i.e., prepare a report. Because the report reflects the system of indicators that illuminate the conditions and results of the activities of economic entities in a certain period. For example:

• brief information from current account indicators;

• cumulative data covering financial economic activity.

The report is considered the final stage of the accounting table and is compiled based on the information collected in all forms of the current account:

• data of a quick (operational) account;

• accounting information;

• data of statistical account.

The report describes the activity of the entity using quality, quantity and value indicators. In the accounting report in the approved forms, the information on the products sold, the work performed and the income from the rendered services, the cost of production, the subject's property, financial condition and the results of economic activity are reflected in a certain system.

As we know, the process of accounting mainly consists of four stages:

• every event (transaction) is documented;

• the data in this event (transaction) are grouped and converted into data of the same form, that is, they are recorded in the accounts of accounting;

• Forms of reports with the form and content approved by the Ministry of Finance are drawn up;

• report data is analyzed to assess economic activity and determine measures for its further development.

In the process of learning these stages as a whole, it is necessary to pay attention to this unity and their interconnection. The accounting report is the most important source of information for the development, control and evaluation of the subject's future work, for the team, founders, shareholders, management institutions and interested organizations.

The reports differ from each other mainly according to the characters in the tune:

• according to the volume of information presented;

• structure for what purpose;

• according to the kamragan era.

According to the size of the data, the reports are grouped according to:

• partially - collects information that describes and evaluates the activity of a particular department of the subject;

• general - a set of data that describes and evaluates the total economic activity of the subject

It is grouped according to the purpose of use:

• external - information about the subject's activity type, level of income and state of property for the use of persons interested in or interested in the subject's activity. It is necessary to publish this report in the press and it is called "For the Public" in the international term;

• internal - reports prepared for the request of the economic administration.

According to the period of decline, the reports are grouped according to:

• periodic report - daily, weekly, monthly, quarterly and half-yearly reports prepared during the year;

• annual - collect in-depth and comprehensive data on the annual indicators of the entity's activity

A thorough study and analysis of the report will serve as a basis for identifying the factors of success, the causes of shortcomings, and setting measures to eliminate them.

In accordance with the "Accounting Law" of the Republic of Uzbekistan and in accordance with the order of the Ministry of Finance No. 1997 of February 15, 5, economic entities shall submit quarterly and annual financial reports in the form and size according to the established deadlines and to the relevant addresses. they submit. Joint ventures established with the participation of foreign investment only submit an annual report:

1. a) consists of a set of forms in the form of an annual report:

— accounting balance sheet — 1 form;

— report on financial results — 2 forms;

— information on receivables and payables — form 2a;

— report on movement of fixed assets — 3 forms;

— cash flow report — 4 forms;

— report on private capital — 5 forms; - explanatory letter.

1. c) includes the forms of reports in the form of semi-annual reports:

— accounting balance sheet — 1 form;

— report on financial results — 2 forms; — cash flow report — 4 forms;

— information on receivables and payables — form 2a.

1. s) quarterly (three-monthly) reports consist of the following forms:

— accounting balance sheet — 1 form;

— report on financial results — 2 forms;

— information on receivables and payables — form 2a.

The main factors affecting the annual financial report, the final results of the entity's activity in the reporting year, the resolutions of the shareholders' meeting adopted on the entity's annual financial report and the distribution of net profit, auditor's conclusions on the verification of the financial report attached.

All indicators provided for in the forms of financial statements are presented. If this or that item (row, column) is not filled, that is, if the subject does not have the necessary assets, liabilities, processes, those items (rows, columns) are drawn and burned.

The cover part of the form is filled out in order. In the necessary part "Economic entity" - the legal name of the enterprise (in accordance with the established documents registered in the prescribed manner) and its code are indicated according to OKPO.

In the necessary part "Network (type of activity)" - the network (type of activity) and its code are indicated according to OKONX.

In the required part "State property management body" - the name of the state or regional (if such entity exists) body that has the right to manage the entity and to which the financial report is sent is indicated.

In the necessary part "Address" - the full address of the subject for communication is indicated.

The required part "Controlled quantity" is not represented by the entity.

When preparing an annual (quarterly) report, it is necessary to comply with the interests of the owner of the entity and the state, to take into account the requirements of investors, creditors, shareholders, tax inspectorates, founders, banking institutions, international standards and to comply with the current Decrees of the President of the Republic of Uzbekistan, From the Law of the Republic of Uzbekistan "On Accounting", from the relevant decisions of the Cabinet of Ministers, from the letter of the Ministry of Finance of the Republic of Uzbekistan dated April 1995, 4 No. 17-02/28, from the Civil Code of the Republic of Uzbekistan, and to maintain accounting and report it is necessary to use all applicable guidelines.

The enterprise, production association and organization must include the indicators of the financial and economic activity of all its divisions in the data of the reporting forms.

When preparing a financial report, the last calendar day of the reporting period is the day of the report.

A subject that has been dissolved or reorganized, and has changed its state form of ownership to a collective form, submits a report in accordance with the current forms of reporting from the beginning of the year to the period of its termination (reorganized).

Newly established entities report their funds and their sources (in terms of purchase, acceptance) from the 1st day of the month in which they were registered in the prescribed manner to December 31st of the reporting year, and entities established after October 1st of the reporting year, state from the date of registration to December 31 of the year following the reporting year.

The items of the entity's balance sheet should be based on the data of the total, transferred assets and liabilities inventory (invoice). For this purpose, until the presentation of the annual report, it is necessary to correct the differences between the actual amount of material assets identified as a result of the inventory by the members of the current permanent inventory commission and the accounting data. Also, the debtor and creditor debts, as well as the settlement document, should be inventoried on the basis of the letters in the process of calculation, which are mutually confirmed. In the explanatory letter attached to the annual report, the number and results of the conducted inventories, as well as the number and results of the inventories for which the inventory period was conducted, as well as the reasons for not conducting the inventory, must be reflected.

The amount of balance items must be the same as the accounts of finance, tax authorities and banking institutions. According to these calculations, it is not allowed to add non-financial amounts to the balance sheet.

There should be no write-offs or write-offs in the relevant forms of financial statements. If such points are made, these forms of the report must be signed and approved by the persons responsible, with the corrected date indicated, and there must be appropriate comments from these persons.

If the information of the current year's report (after it is approved) and the information of the current report are recognized to be incorrect, this should be included in the current report (in the period in which the error was made, on account of that period , quarter, from the beginning of the year) is corrected.

During the audit of the annual financial report, in cases where it is determined that the income is hidden or the financial result is reduced as a result of the addition of production costs, unrelated costs, the current year's profit determined during the reporting period, without making changes to the accounting and reporting of the current year. will be reflected in the report.

The explanatory letter written to the financial report should clarify the accounting policy of the entity, provide users of the report with other information necessary for an honest assessment of its property and financial condition.

In the explanatory letter, it should be stated that the entity's financial report is prepared in accordance with the Accounting Rules. In case of deviations, the reason and result of each deviation should be indicated in the letter of explanation.

The explanatory letter should include additional information such as:

• legal address of entities;

• the type of main activity of the entity;

• the average annual number of employees during the reporting period, including those of the main category;

• members of the entity's executive and control bodies (name, title and position);

• the total amount of bonuses paid to the members of the executive and control bodies of the entity during the reporting period, as well as the tax benefits paid by the entity;

• information about their amount and movement during the reporting period, indicating the depreciation of certain types of intangible assets;

• information about the amount of certain types of financial transactions in relation to the beginning and end of the reporting period and their movement during the reporting period;

• information on the amount of debtor and creditor debts at the beginning and end of the reporting period;

• information on the volume of sales of products, goods, work, services by type of activity and geographical trade areas;

• information on the composition of the costs of production;

• information on the composition of period expenses;

• information on the provision and receipt of secured obligations, payments of the entity.

Users outside of the report will be able to explore this information in depth and comprehensively:

• determining the necessity and conditions of doing business with this or that entity;

• whether or not to lend to untrustworthy persons;

• expediency of purchasing an asset of this or that entity;

• proper establishment of relations with consumers and customers;

• assessment of the financial situation of the subjects to be communicated in the future;

• taking into account some risk in the process of starting and running the business.

Periodic and annual reports are mainly presented to higher organizations, tax institutions, banks, statistical institutions. In some cases, reporting information is also provided to suppliers and interested parties.

The reliability and consistency of the conclusions made by external consumers based on the published report data is the basis of the demand made by businessmen. Therefore, in order to avoid all kinds of false conclusions, it is checked and certified by a highly qualified auditor with a special license in order to meet the requirements of the relevant Regulations and instructions. In this summary - the certificate, the report data, the financial condition of the subject is evaluated and the degree of closeness to bankruptcy is indicated.

One of the main requirements of the International accounting standard is that the report should be clear and simple. A quality indicator of reporting data, that is, separating "good" information from "bad" information, is that the information is accurate and reliable. Because being in place and reliable is the main indicator in accepting this or that decision. Local and reliable presentation of information is called "objective and mirror of reality" in some developed countries. Because the subject's report is a reflection of its status and activity.

If the information in the report mainly affects the price estimate or the decision to be taken in the current and future period, it is considered to be given in its place. The following factors affect the location of the information presented in the report:

• on time - information must be provided at the necessary time, because the value of delayed information decreases or the need for it disappears altogether;

• The importance of forecasting (determining the future) is that the report data is the basis for evaluating the state and activity of the entity and making a decision. The report writer needs to know what information will be of interest to the users of that information. Because the volume and content of this or that information must know what power it will have in making decisions. Because based on this information, one or another consumer makes the appropriate decision;

• along with the coverage of financial and economic activities, it is the main factor for the decisions and actions to be taken for the future activity and development of the subject, that is, to determine its future income, expenses, dividend level, stock market price and other information service arrives;

• comparison of the results of financial and economic activity - based on the report data, the results of the subject's activity in previous years are compared with the results of the production and financial activities of similar subjects, and consumers and investors are the basis for making a decision for this or that event. serves as;

• reflecting reliable information is an indicator that objectively, objectively illuminates and determines the quality of the activity of the subject and the events that occurred in it for the users of the report information. Factors such as:

• authenticity of information - only relevant events must be covered in the given information.

For example: if the information on profits and losses in the report covers a certain period, then incomes and expenses for this period should be fully covered; therefore, the procedure and method of accounting and used estimates for the relevant period, that is, the accounting policy, should be presented;

• the priority of the content over the form - sometimes the information and events presented in the report are understood differently. These events should be considered from the legal and economic point of view. However, in the reporting data of the entities, transactions and events should be described mainly based on their economic content.

• objectivity - information should be objective (unbiased) regardless of the type of users. The information in the accounting report must be unbiased, regardless of whether the user provides information that helps to make this or that decision;

• conservatism - when assessing the level of reliability of report data, its uncertainty factor cannot be ignored. These data reflect the events that took place in the past year, and their essence is revealed as a result of studying them from the point of view of the impact of these events on the future period. For this, it is necessary to be careful when compiling reports and evaluating these results;

• verifiability - in some cases, if one or another transaction or event is viewed with distrust, the information in the report can be partially or fully verified by independent and qualified auditors;

• classification of data - users of report data can analyze its dynamics and structure based on the subject's report. Compilation of reports at a comparable price or unit provides an opportunity to study the commercial, production and financial activities of this entity or several similar entities during the same period.

According to the Law of the Republic of Uzbekistan "On Accounting", the annual accounting information of entities is open to banks, stock exchanges, investors, consumers, founders, suppliers of goods and other external users, and this information should be published in newspapers and magazines in the appropriate order and period.

Three types of accounting system

Type 1. One-valued system

It is a very simple system and very easy to carry out. It is only for micro-enterprises and only at the beginning. It will help you learn more complex and useful systems.

Sana	Detailed description	Selling	Expenses

Date: Date of accounting work; Detailed description: write a job description;

Sales: Enter the amount received from the sale; Costs: The amount spent on running the case.

2nd round. IKKiyoKlama basic system of records

This advanced system of accounting can inform the former Karaganda KengroK. It is a simple system that is easy to implement and suitable for many small businesses.

Sana

More recommendation

number

Ghazna

BanK

sell

from right material expenses

Direct labor costs

Indirectly expenses

Send

t

S Ct s. O

Send

t

S Ct s. O

Date: Date of accounting work;

Detailed description: write a job description;

No: serial number of the document;

Treasury: Write down all incoming and outgoing money in the treasury of the enterprise; BanK: Write down all the money coming into and out of your bank account. This is only necessary if your company has a bank account number.

Direct material costs: if you are producing goods or providing services, write the costs of purchasing raw materials, materials, and accessories in these columns.

Direct Costs: If you are manufacturing goods or providing services, enter the monthly costs of your employees in this column.

Indirect costs: keeping your business running

All costs incurred to provide are displayed.

• IKKiyoKlama is a more advanced system of records

This system is suitable for enterprises with differential information. It is less suitable for complex micro-enterprises, because the help of a professional accountant is needed.

All business operations are divided according to the main accounting book and account numbers. Accounting is a Part of the Basic Book. Transactions related to one part of the activity of the organization are written in it.

Each account number consists of at least two columns: debit and credit.

Ghazna
Debit	Credit

Knowing the words "Debit" and "Credit" gives an opportunity to understand at least the words debtor and creditor, as well as their identity. The word "debit" in Italian means "he wants to give" and the word "credit" in Italian means "he believes". Correspondingly, the debtor is a person who is willing to lend to us, the Creditor trusts us (we give him the money loaned to him).

Each transaction is written to at least two accounts. It is optional, x, for each operation written in "Debit" and "Credit" columns is always equal to x.

For example, if the company sells its goods for 100,00 sums, the cash account is debited

100,00 on the side and write 100,00 sum on the Credit side of the "Profit from Sale" account.

Ghazna		Profit from sale
Debit	Credit	Debit	Credit
100,00			100,00

In this accounting system, all account numbers are divided into two groups: permanent and temporary account numbers.

Current account numbers include assets, liabilities, and equity. Temporary accounting numbers include income, expenses, profit, and loss.

Assets - the sum of property and money belonging to the enterprise, firm, company. Broadly speaking, all assets that have monetary value. The cost of the assets is recorded in the Assets account of the general ledger. In it, five sections of accounting are allocated to the numbers of the asset account:

• Funds;

• Account numbers to receive;

• Stocks of goods and materials;

• UzoK; fixed assets;

• Next period expenses.

If you send money to Karz, for example

If you get it from the bank, you should write it in the "obligations" column. There are 2 sections of accounts for liabilities accounting - current liabilities and long-term liabilities.

If the company has obligations and is unable to settle its debts with creditors, then the company will have to abandon its assets. After the termination of the obligations, the Company will have some assets. They belong to the owner of the enterprise and are called private equity.

Income is usually made up of money received by the enterprise as a result of the sale of products, goods or services. In the General Ledger, there is an account number "Sales proceeds" to account for this type of income. You know that you need to monitor carefully, there are different types of expenses, each type of expense has a separate account number:

Assets	Liabilities and private equity	Send	Chi Kim
Account numbers Ghazna BanK Get Account RaKamlari	Accounts payable and private equity	Proceeds from the sale of accounts	Account Figures Direct Material Costs Direct Labor Costs Indirect Costs
Assets of the reporting period Administrations, private investment+ +profit (loss)
balance

• Direct material costs;

• Direct labor costs;

• Indirect costs. Account numbers are used to account for assets, liabilities, and private equity to create a balance sheet. Accounting for income and expenses Account numbers, sometimes called financial results, are used to prepare a profit and loss statement.

Planning and accounting Burn
Norms used in documentation

Acts

• Law of the Republic of Uzbekistan on "Accounting" dated August 1996, 30

• Plan of accounting figures of financial and economic activities of the enterprise (Entered into force on January 2004, 1)

• Regulation on the composition of costs of production and realization of a product (work, service) approved on February 1999, 5 (with amendments) and on the procedure for the formation of financial results

• National accounting standards of Uzbekistan (Enforced since 1998)

Basic words and phrases

 

Personnel, management personnel, personnel policy, workers, servants, general need for personnel, basic need, accepting a job, directing an employee, hiring employees, improving management skills, time management, sales policy, lucky seller, potential buyer, 'disposal of suppliers, new technology, technological efficiency, resource efficiency, profitability, enterprise costs, direct costs, indirect costs, financial management, financial reporting, accounting report, receivables, payables, financial forecast, cash flow

 

Questions for self-examination

 

1. What are the criteria for hiring employees?

2. How should personnel policy be conducted in business?

3. What are some effective ways to use your time effectively?

4. How important is sales management for an enterprise (firm)?

5. What is a sales policy and what does it include?

6. What is the need for business relationships with suppliers?

7. How to choose suppliers?

8. How can new technology help expand the market?

9. What are the costs of production?

10. What costs are called direct costs?

11. What costs are called indirect costs?

12. How to organize an accounting system?