The Accrual Principle

Businesses need to register and report revenue when it's earned or made and realized or recognized, and definitely not once the cash for the revenue is received. The accrual principle basically shows the work finished by the company/business and not the work that needs to be done for the future.

The Matching Principle

Businesses get to analyze current expenses and revenues. The matching principle shows the market, how well companies/businesses are doing financially and effective they really are. Similar to accrual principle, the expenses in matching principle can only get recorded and reported when revenue is actually earned.

The Disclosure Principle

Businesses have to disclose their records, so that judgment over their financial status can be made accordingly. But revealing the accounting and financial data of the companies/businesses should not make them decrease unjustified expenses or make incorrect notions.

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ACCOUNTANT JOB DESCRIPTION

Every company has financial transactions that needs to be maintained everyday. Especially, a big organization have to maintain its daily profits and expenditures so that it becomes easier to calculate the overall profit and loss. That is why an accountant is always a must for every company.

Accountant Duties

General and primary accountant responsibilities include, preparing general entries, maintaining balance sheets, ledgers and petty cash accounts on everyday basis. Given below are some of the additional accountant duties that are included in account job descriptions of many companies.

• Maintaining daily accounts.
• Preparing profit and loss statements annually or whenever required.
• Maintaining the document of daily transactions on the computer as well as in hard copy format.
• Preparing financial accounting reports and sending them to concerned authorities.
• Paying attention to taxation issues and preparing taxation reports.
• Dealing with accounting and financial irregularities.
• Analyzing financial information and preparing financial transaction reports.
• Finishing the given tasks within financial deadlines.
• Establishing sound accounting procedures.
• Coordinating implementation of financial rules and regulations.
• Reviewing the budgets of the company allotted to different tasks.
• Explaining staff members, clients, business partners, investors, and associated about the billing invoices and financial and accounting policies of the company.
• Assigning tasks to junior accountants and supervising all the data documentation and complete accounting procedures.

These were some of the accountant duties. Part from this, some accountant job descriptions also include, preparing audit reports or helping the CA with audit reports, developing budgets, financial program planning, an salary recommendations etc.