It’s been a long time since I have planned to add something in this virtual journal of mine and I think this is the day. I have been scribbling for a time now and I always ended up deleting what I have written. Until I realized that I feel different today.
One statement being made before computing the total amount of cash both on hand in bank is the statement of bank reconciliation. This statement is not one of the basic financial reports that every company must make annually but this statement is necessary to reach the true amount of cash. This article is not intended to discuss about Bank Reconciliation because this was discuss in a different page. This write up is consist of the lists of formulas being used in computing for adjusted cash on hand or in bank, the total amount of outstanding check and the total amount of deposits in transit.
One important process in accounting is what you call bank reconciliation. This is to compare the cash transaction in your cash bank account and the cash balance in your own book. Actually this is a statement to be made monthly showing if the cash balance per ledger account and the cash balance per bank agrees.
Bank Reconciliation’s Reconciling Items
Book Reconciling Items
The standards being used in practicing the accountancy profession in the Philippines is not created by ordinary individuals. They are not just mere suggestions by any businessman or any politician, but they are created by a set of body made by the Professional Regulation Commission (PRC).
The Accounting Standards Council (ASC) is responsible in establishing and improving accounting standards that will be generally accepted here in the Philippines but now the Accounting Standards Council is being replaced by the Financial Reporting Standards Council.
Accounting has many definitions and among the very common definition of accounting is it is a system that provides quantitative information about finances and preparing the financial reports of an entity. But different Agencies have its definition of Accounting.
According to the Accounting Standards Council accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.
If you think that all organizations are built to produce profit and distribute them among owners then you are wrong. There is what you call a not for profit organization also called as non-profit organization. This not for profit organization is built not to distribute profit among owners but instead use the funds to pursue certain goals. A good example of non-profit organizations is charities and public arts organization. This form of organizations is mostly exempted from its countries income and property taxation.
Second of the largest Airlines in the Philippines is Cebu Air, Inc. widely known as Cebu Pacific Air. Philippine Airlines which is said to be the number one airlines in the country is facing lots of issues specifically about labor, does this make Cebu Pacific number one?
Cebu Pacific is best well known because of its enticing promo fares. From 50% discount to both domestic and international travel up to piso fare domestic flights.
Wala gayud nako damha
Na ako mahigugma
Sa usa ka lalaki
Ning dughan kong pinalabi
Siya sobra ka buotan
Sa pamilya gikinahanglan
Siya intillehente
Ug dili gayud arrogante
Sa matag adlaw namong panagkuyog
Akong gugma nagka kusog
Dili ko gayud siya biyaan
Si Kaio Ni ang iyang ngalan
Cebu Air, Inc. is widely known as Cebu Pacific Air is the second largest airline in the Philippines next to Philippine Airlines. Cebu Pacific Air is a low-cost airline next to Zest Air that is in Ninoy Aquino International Airport, Pasay City, Metro Manila with a hub at Mactan Cebu International Airport. It has both domestic and international flights and is currently the leading domestic airline carrier in the country.
The airline is owned by the Gokongwei family and is a subsidiary of JG Summit Holdings. Lance Gokongwei is currently the head of Cebu Pacific and the heir of John Gokongwei the chairman emeritus of JG Summit.
Who does not want to be rich? I am sure that you yourself wanted to be rich just like anybody else around the world. But the question is how to be rich? We know that being an employee alone will not make someone any richer. Other’s tended to be self-employed but are these people rich.
Many say that the best way to become rich is to engage in a business. It may be a shell craft business or a car business anything as long as you have a product to offer and gain something out from it. You may observe that your neighbor is opening a store and then the next week your other neighbor is opening his own store.
