Unit 10 project - external regs + accounting standards
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Hi everyone,
I am adding the finishing touches to my report and am a little confused with the section on accounting standards.
The report looks at improving credit control at the company where I work - the main focus being entering daily sales receipts.
I am trying to relate some theory to this - ie all receipts to be posted daily and in the correct accounting period so the accounts are accurate in terms of debtors day figures. I know this would come under 'True and fair view' in the framework but is this also about prudence?
Also I would like to include something about provisions for bad debt but again is this true and fair view or prudence??
Any suggestions would be appreciated!!!
Thanks,
Angela
I am adding the finishing touches to my report and am a little confused with the section on accounting standards.
The report looks at improving credit control at the company where I work - the main focus being entering daily sales receipts.
I am trying to relate some theory to this - ie all receipts to be posted daily and in the correct accounting period so the accounts are accurate in terms of debtors day figures. I know this would come under 'True and fair view' in the framework but is this also about prudence?
Also I would like to include something about provisions for bad debt but again is this true and fair view or prudence??
Any suggestions would be appreciated!!!
Thanks,
Angela
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