The Purpose of Control Accounts

The reasons for having control accounts are as follows: 1. Check on the accuracy They provide a check on the accuracy of entries made in the personal accounts in the sales ledger and purchase ledger. It is very easy to make a mistake in posting entries, because there might be hundreds of entries to make. … Continue reading “The Purpose of Control Accounts”

The reasons for having control accounts are as follows:

1. Check on the accuracy

They provide a check on the accuracy of entries made in the personal accounts in the sales ledger and purchase ledger. It is very easy to make a mistake in posting entries, because there might be hundreds of entries to make. Figures might get transposed. Some entries may be omitted altogether, so that an invoice or a payment transaction does not appear in a personal account as it should. By comparing:

o The total balance on the debtors account with the total of individual balances on the personal accounts in the sales ledger.

o The total balance on the creditors account with the total of individual balances on the personal accounts in the purchase ledger.

It is possible to identify the fact that errors have been made.

2. Location of errors

It could also assist in the location of errors, where posting to the control accounts are made daily or weekly, or even monthly. If a clerk fails to record an invoice or a payment in a personal account, or makes a transaction error, it would be a formidable task to locate the error or errors at the end of a year, say, given the hundred or thousands of transactions during the year.

By using the control account, a comparison with the individual balances in the sales or purchase ledger can be made for every week or day of the month, and the error found much more quickly than if accounts did not exist.

3. For internal check

Where there is a separate of clerical bookkeeping duties, the control account provides an internal check. The person posting entries to the accounts will act as a check on a different person who job it to post entries to the sales and purchase ledger accounts.

4. More simply and quickly

To provide debtors and creditors balances more quickly for producing a trial balance or balance sheet. A single balance on a control account is obviously expected simpler and quickly than many individual balances in the sales or purchase ledger.

This means also that the number of accounts in the double entry bookkeeping system can be kept down to a manageable size, since the personal accounts are memorandum accounts only and the control accounts instead provide the accounts required for a double entry system.

Source by Randika Lalith Abeyinghe

Securing a Small Business Loan

Insufficient funding is one of the top reasons why 80% of businesses fail within the first year and a half. As a business owner, not only do you have to cover all operating expenses, but the time and effort needed to succeed means you will almost certainly have to bid farewell to your day job and regular pay checks. Unless you've saved enough to pay for everything for at least 18 months, you will probably have to find other sources of funding.

However, here we encounter another problem. A recent survey cited by the Credit Union Times showed that only about one-fifth of small business owners – incidentally about the same rate of successful businesses – rely on a small business loan. The survey showed that 62% were fearful of taking on a loan and almost one-fourth of respondents think they would not be approved for one. A Harvard Business School working paper by Karen Mills (Administrator of the US Small Business Administration until 2013) shown even more discouraging statistics. Banks continue to apply measures that restrict small business lending since the financial crisis hit, since such loans are generally always riskier than those to large businesses. Loans amounting to $ 1 million or less – the domain of small businesses – have gone down 21% since 2008. These loans made up half of all bank loans in 1995, but only 30% in 2012.

So what can you do to have a better chance at securing a loan?

As the saying goes, "The devil is in the details." Given the stricter requirements of banks, you will need to come up with a very convincing plan that shows your business will really make a profit. Each number presented has to be supported by hard evidence or at least some realistic projections backed by in-depth research. There must also be a clear plan as to where the money will go and how it will influence your business's success.

Aside from this, your entire personal finances will also be scrutinized, so make sure your taxes, mortgages, credit cards, assets and liabilities, and even your credentials are all spotless and in order.

The bottom line is, if you believe in your business idea and do the necessary due diligence in coming up with a sound budget and business plan, there should be no reason to be denied a small business loan. Otherwise, you may want to reconse quitting your day job.

Source by Kate Teng

Fee Structure for Chartered Accounting

Chartered Accountancy is perceived as the exclusive qualification of accounting. Every business and company, small or big, wishes a chartered accountant in their money associated matters. CA’s have a comprehensive array of prospects in business and industry, financial services or individual practice. The exuberant pay packets and ever increasing opportunities are just a tip of the iceberg. For a properly oriented chartered accountant, the sky is the limit. The multi-faceted knowledge a chartered accountant enjoys through unique academic program blended with practical training is what the business and industry need in the advent of liberalization, privatization and globalization of economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.

How to register?

Students can download the application form online or the prospectus and application form is available at the regional chapters. Students can also register online.

Fee Structure.

The registration fee is the total fee payable to the institute and it includes the fee for registration as well as the fee for imparting coaching (generally POSTAL Coaching). Integrated Professional Competence Course (IPCC) is composed of three levels viz. Group I, Accounting Technician (optional) and Group II. The amount of fee payable by the candidate is dependent on the combination opted for. The following description highlights the fee structure for CA.

Fee Description

Registration Fee Full Time Students (FTS) – 12,000

Registration Fee Trainee Students – 16,000

Transfer Fee for Trainee Student – 11,770

Restoration of FTS Registration Fee – 6,000

Registration as a new Training Organization – 30,000

Opening of each new Training Office – 12,000

RAET Application Fee – 5,500

Induction of New RAET – 150,000

Renewal Fee (Minimum charges) – 25,000

RAET Annual Renewal Fee – Category A – First Campus – 50,000

RAET Annual Renewal Fee – Category B – First Campus – 25,000

RAET Annual Renewal Fee – Additional Campus- Main Cities – 25,000

Other Than Main Cities – 10,000

Certificate Fee

Bonafied Trainee /FTS Student Certificate – 500

Duplicate letter of completion of Training Contract – 200

Duplicate Registration Card Trainee/FTS – 220

Duplicate Card/Examinee Registration Card – 220

Where to pay?

The registration fee may be paid in the form of a D.D. or a challan as per the details provided in the registration application/prospectus and be submitted along with the application for registration.

Registering through an oral coaching center.

If you are registering at/through any of the centers authorized to impart ORAL coaching for the course, then the fee may be paid at that coaching center where you are getting admitted, if they provide such a facility.

The course of chartered accountancy offers students, a dream career in the specialized areas of accounting, auditing, corporate finance, corporate laws and taxation. As practitioners of public accounting, CA’s may start independent professional practice or join any existing firm as a partner or staff member. CA’s play a vital role in assisting business and industry to improve the use of their resources, increase their efficiency and achieve their objectives. This includes services like financial management, planning and financial policy determination.

To get more help concerning fee structure for CA and how to register, visit the website for more information.

Source by Aliza Justin

How to Get Into Harvard in 7 Easy Steps

Take care of your GPA from freshman year

This is a no-brainer but should be said anyway. Some students like to slack-off after middle school – it's a new environment, you may not have a solid group of friends, you're still getting use to everything. But a poor freshman year GPA can kill you.

You may think that one or two C's can be made up later by plenty of AP and Honors classes, but colleges pay attention to your FULL TRANSCRIPT . A few C's in reliably easy courses like American History or World Geography will make Harvard think that you can not handle even basic academic material. It does not matter if you're 15 or 50. Your high school GPA matters – all four years.

Prepare for and take the SAT early

In an earlier post on SAT for college admissions, I discuss the "minimum" score necessary for Ivy League admissions.

My general advice is that you should shoot for a perfect score (why not ??) but be happy with a "good score" (anything above 2100). Do not take the SAT or ACT too many times – anything more than 2x without huge 100+ strides each time just makes you look desperate and incapable.

You should also start taking it early – take the Duke University TIP in middle school, take the PSAT in freshman or sophomore year at least once. Do not worry, it will not go on your permanent record and Harvard will not be mad that you got a 1800 as a freshman high school student.

It's a great chance for early practice that is risk-free. Why would not you ??

Get involved in clubs early

Notice the theme here – an early start is great for Ivy League admissions. By joining different clubs your freshman year, you demonstrate to Harvard that you are committed to specific interests / passions.

Ideally, you'd stay involved in those same clubs over at least a few years. However, if you find that the Spanish Club is really not where you'd prefer spending Wednesday afternoon, that's OK too – just make sure you're not going home to watch reruns of the Simpsons.

Diversify within reason

I typically say it's more about your messages stories than it is about diversity. After all, college admissions offices want diversified student bodies but do not need everyone to be completely well-rounded.

However, you will not get into Harvard as a one-trick pony. Diversification does help to an extent. Play at least one sport, involve yourself consistently at at least one nonprofit activity.

Build a core passion

Related to my point above, it's really about your one or two passions. Admissions offices want to have a clear picture of WHO YOU ARE – and that comes loudest in your commitments, your hobbies, and how you spend your time.

By having a unified theme – for instance, a passion for social welfare issues or a love of music (as expressed through your participation in the String Orchestra and involvement in music-related nonprofit charities and the like) is a great way to build a CLEAR IDENTITY that, if strong enough, is your best shot at getting into Harvard.

Visit campus

I discuss this in detail in my guide to Ivy League admissions. Basically, demonstrated interest matters a lot – particularly in tough times like today when there are 20,000 applications for every Ivy League school's freshman class.

By visiting campus, you show a clear interest in that school. Plus, you'll meet people along the way that will help you understand whether you're a better fit for Harvard or Stanford, Penn or Brown.

Prepare for interviews

IMPORTANT – do not forget to start doing this early. If you're a strong candidate, this is not something that you wait until the last minute to get ready for.

The best way to prepare for alumni interviews is to practice interviews with family and older people – not your brother or your best friend. Have them ask you questions about your accomplishments, your life story, your reasons for wanting to attend Harvard.

Source by John Dorian Chang

Image Level Examination Program and Homeschooling

Homeschooling parents find that the CLEP program is a perfect fit with their teaching style and goals. The College Level Examination Program (CLEP) is a series of standard tests which are recognized by over 2900 colleges and universities as the equivalent of successfully completed course work. By taking and passing these CLEP exams, people of all ages are able to opt out of certain basic classes, and at some institutions, receive credit just as if they had taken the class.

There are CLEP tests available in 34 different areas of study. From American Literature to Basic Psychology, Calculus or Chemistry, self-study guides and practice tests are available from CLEP. When a student is confident that they are prepared, they go to one of the many CLEP testing centers around the country, and sit for the CLEP exam in that topic. There is a fee for study materials and for testing, but considering the savings that can result from a passing CLEP score, the cost is minimal. Study guides are about $ 25, and the test fee is $ 72 for each subject. However, if the college of your choice will accept the CLEP test results, then the tuition for that class, and the cost of textbooks is saved. Even community colleges may charge as much, per credit hour, as one CLEP test!

The CLEP option is ideal for homeschools. Homeschooled children are often better at independent learning than their peers who have studied in classes. CLEP seess tailor-made for them. Students may take the tests at any age, although a minimum of age 15 is recommended. By covering material in a familiar format, homeschooled students can easily get a jump start on college, saving both time and money. It is easily possible that by successfully completing CLEP courses that students can enter college as a sophomore. Think of saving the costs of an entire year of school!

Often, homeschooled students choose to attend smaller colleges. This is a good fit with the CLEP exam and CLEP test program, because more small schools than large accept the credits. By carefully researching schools which accept CLEP scores, it may be possible to complete nearly two years of college at a huge savings. The cost of a higher education is staggering. Often the small colleges which attract homeschooled students are the most expensive. CLEP allows families to save enough money so that it is possible for parents to give their children that small school experience for their final 2 – 2 years years of college.

CLEP exams are standardized across the country. Although it is often argued that standard exams do not promote true learning, they can be a great aid to homeschoolers. It can be impossible to assess the quality of education a homeschooled student has received without such tests.

Source by David Angotti

Image Works Painting – A Means to Assist the Community

At some point, you could have conceived of getting a make over for your house or perchance doing some of those hazardous exterior painting of your house? If you've responded yes to these questions, then Let College Works Painting do the chore for you. The executive inquiry that could be expected is, why? Different individuals could conceive that these are college students who are unpracticed with exterior painting, but in fact, they are wrong. Image Works Painting uses students in college who are well-versed with the job they are employed to. These are students in college who work for their tuition fee and are superb at serving it. These are well-trained students who have contributed skills in painting as well as dependable skills in managing businesses.

The profits are extended with College Works Painting. Taking In College Works Painting for your tasks related to painting both inside and outside your home may mean that you are really lending help to the future of these students who have to make their way to graduate college. These programs are intentional to aid the students to develop efficiency when it comes to business as well as helping them develop into a good leader and handler as these types of program and help them to discover leadership and managerial skills. As College Works Painting also assists to give to the disabled, other charity groups, or those who have special needs.

The platform provides quality painting servicing at a cheaper rate compared to those firms that have fees that are way above your budget. The College Works Painting program offers competitive rates that involve top quality craftsmanship with good customer service to add with.

Meantime, college students who are searching to cover all the fees to be paid while going to school that are burdening their parents are studying a couple of advices on business, leadership, managerial skills, likewise the quality of the work they are doing. Not to mention the process they do for the community. The kinship between contractor-client amends when students are openly aware of the issues being tackled and that they are able to communicate with their customers about the claims, potential problems the task might place, and other events that are required to be comprehended.

Source by Alberto Maeses