Corporate Tax in UAE
What is Corporate Tax in UAE? Corporate tax in UAE also referred to as “Corporate Income Tax” or “Business Profits Tax” is a form of direct tax levied on the net income or profits of corporations and other entities derived...
VAT Guide: All About VAT in UAE
What is VAT in UAE? VAT or Value Added Tax in UAE was introduced on 1 January 2018, making UAE the 2nd country in the Gulf Cooperation Council group of countries. The UAE government has decided to implement VAT at...
What is MIS Report: Need, Types & Examples
MIS report in full form is Management Information Systems Report. The management uses these reports to gauge how the organization performs so it can make intelligent decisions. MIS reports are a computerized database of a company’s financial information designed to...
What is Contra Entry in Accounting? Examples and Format
Contra entry records cash and/or bank account transactions in the accounting journal. This entry’s treatment does not affect the financial statement line item balance. Contra entry affects the debit and credit of cash and cash equivalent. This transaction involves cash,...
What is Bank Reconciliation Statement, How to Prepare, Benefits and Examples?
A Bank Reconciliation Statement is a document that notes the similarity and dissimilarities between the cash balance on your Balance Sheet and the amount on the bank statement. When these two accounts are reconciled, you can identify whether there’s a...
What is Trial Balance: Trial Balance Rules & Examples
What is Trial Balance? A trial balance is a financial report that lists a company’s general ledger accounts closing balances at a certain period. A trial balance contains accounts that are the main accounting items, such as assets, liabilities, revenues,...
What are the Golden Rules of Accounting
Financial accounting is different from bookkeeping, and accounting has a dual entry for every transaction – debit and credit. In the dual entry system of accounting, the accountant must first identify which account should be debited and which one should...
Generally Accepted Accounting Principle (GAAP)
The GAAP or Generally Accepted Accounting Principles comprises a set of commonly followed accounting standards, procedures, and principles for financial reporting. GAAP is the basis of accounting procedures, as approved and used by the FASB or Financial Accounting Standards Board....
What are the benefits of Outsourcing Accounting services
Outsourcing accounting services are exclusive accountant tools that are used to withdraw non-core functions of full-time accountants from the third party. It helps expand the range of services and cut down ongoing accountant costs. It has been very popular among...
Why Accounting is Important for A Business?
Accounting is a critical aspect of any business. It ensures that sound financial decisions are made for the success and smooth running of the business. Usually, it involves the preparation and consolidation of financial statements and accounting reports for easy...
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