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Top 4 facts of Accounting

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Top 4 facts of Accounting

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  1. Top 4 Common Accounting Mistakes • Functional currency • Fifo stock policy • Inapproopriate accounting policy • Unresponsive accounting system

  2. 1. Functional currency There is not any fixed functional currency for the business registered in Singapore according to FRS-21 functional currency is totally based on primary economic environment in which it operates. SO this is totally misconception.

  3. 2. Fifo stock policy In Singapore No FIFO i.e. first in first out costing method was permitted in the past. Only LIFO i.e. Last In first out is permitted.

  4. 3. Inapproopriate accounting policy It is not good for any business or entity to adopt a wrong accounting policy such as sales method is adopted for construction project.

  5. 4. Unresponsive accounting system For any smooth business running process, responsive accounting is most important. It gives you the opportunities to best fits your business model.

  6. Benefits of Our AG Accounting Services ONE-STOP SOLUTION A+ CUSTOMER SERVICE EXPERTISE ENSURE QUALITY COST EFFECTIVENESS

  7. Get In Touch With Us • Ackenting Group • 20 Maxwell Road, #04-01G, Maxwell House, Singapore 069113 • Tel: +65-93832464 For more information on AccountingSingapore, visit https://ag-singapore.com/accounting-services/

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