Accounting & Finance Q&A

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Depreciation can be defined as the fall in the value of a fixed assest overtime due to deterioration, obsolence etc.

Who is an Auditor?
Auditor is the one who responsible for making sure that the company follows the standards in recording financial data and that it has internal control over the workflow like segregation of duties and documentation to reduce fraud or assets theft by workers or management itself

And there are 2 types of auditors :

1- internal auditor - recruited by the management of the company itself to maintain internal control and inform the report to the management

2- external auditor -recruited by CPA firms specialized in auditing and reports to this firm not to the management.

What is a balance sheet?
Balance sheet is a statement of financial position of a business that shows assets, liabilities and owner's equity at a particular time.

Define Bank and what is Banking?
Bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks. In most countries, banks are regulated by the national government or central bank.

KEY TAKEAWAYS
A bank is a financial institution licensed to receive deposits and make loans.
There are several types of banks including retail, commercial, and investment banks.
In most countries, banks are regulated by the national government or central bank.
Understanding Banks
Banks are a very important part of the economy because they provide vital services for both consumers and businesses. As financial services providers, they give you a safe place to store your cash. Through a variety of account types such as checking and savings accounts, and certificates of deposit (CDs), you can conduct routine banking transactions like deposits, withdrawals, check writing, and bill payments. You can also save your money and earn interest on your investment. The money stored in most bank accounts is federally insured by the Federal Deposit Insurance Corporation (FDIC), up to a limit of $250,000 for individual depositors and $500,000 for jointly held deposit

Question of the day 📚📚

Which of the following equations properly represents a derivation of the fundamental accounting equations ??

A. Assets + Liabilities = Capital
B. Assets + Capital = Liabilities
C. Assets = Liabilities + Capital
D. Assets = Capital - Liabilities

Today's tip;
Unit: INVATORY

Qn1. What are the three main documents in warehouse management?
Ans;
1)Good Receipt Note
2)Good Issue Note
3)Good Return Note

Qn2. Describe the impact of the main documents stated above in warehouse management process.
Ans;
It helps to keep records of any warehouse transaction made at any time and keep an easy track of suspicious action that may happen at a certain time.

Qn3.
Sales and Operations Planning (S&OP) is a tool used to focus on key supply chain drivers including sales, marketing demand management and new product introduction.
Ans;
The importance of SOP's is to ensure that services and products provided by an organization is delivered consistently every time.
It is also used to demonstrate compliance with the regulation or operational practices and to document how tasks must be completed in an organization.

Qn4.
Describe the following terms and their importance
•BOM
•SAP
Ans;
BOM: Bill of material
It is a list of all manufactured and raw material needed to build an assembly of more than one manufactured part/items. It serves as the core of any manufacturing process because it has all information required to assemble a part /item. Not only does a BOM outline what manufactured and raw materials are needed to build a part, but it also includes the equipment and tools needed to build the parts/items.
SAP: Systems Applications and Products.
It is used in organizations because it helps to centralize physical informations and theorical informations across departments in real time.