Importance of Accounting System

1.Measuring of resources  of a business entity. As it is shown in the balance sheet.

2.Measures the resources of a company i.e the claims and results measured at a given moment in time. The balance sheet show claims while income statement shows results.

Importance of Making a Budget

1.It compels planning and enhance managerial perspective. The management in preparing a budget is forced to look into the future. They are forced to make estimates of future economics conditions including costs, interest rate, demand for product, level of competition etc, etc. this enhances management awareness of the company external economic environment.

How To Save Money

1.Open a savings account in a good bank.Good savings should last you 8 months of your normal expenses. Invest money that you don't need within 10 years period in stock market or in other real estate properties.Consult a financial consultant or stock broker for a good deal or advice on money management and investments.

2.Pay the credit card with the huge debt or highest interest rate first.

Forex

Forex is a new way to make money in the global currency market. Making money in forex is very similar to stocks. You will be provided with a list of currency pairs each is coming along with graphs which you can select and trade.
The object of Forex trading is to exchange one currency for another. Currencies are always quoted in pairs, such as GBP/USD,Canadian dollar/ US dollar or USD/JPY. The reason they are quoted in pairs is because in every foreign exchange transaction you are simultaneously buying one currency and selling another.

Accounting

This is a system that communicates information to an organization to act as an aid to management in the organization in coordination, planning, controlling and decision making in order for the organization to achieve its pre determined goals and objectives of profit making or use of resources.

Accounting system is standardized by accounting regulations which help the management minimize errors, fraud and waste within the organization.

Non financial information is used by management and non profit making organizations to make decisions.

Difference Between Financial Accounting and Management Accounting

1.Purpose or Objective of Financial accounting is to show the way the company accounts for revenue, expenses, assets and liabilities of an organization. This variety of information about company financial position and operating results  is used for internal use by management and external by investors, government, shareholders etc, etc. to make decisions.

Management accounting is concerned with providing information to management useful to help make decision for long range planning and controlling business operations.It gives managers information required on daily basis. The information is designed to help managers make managerial decision on daily basis or external use.

The Difference Between Memorandum of Association and Article of Association

 Memorandum of Association and Article of Association are two different documents needed during formation and running of companies. They are requirement from statutory law with handles companies to secure the interest of company stake holders. The difference between the two is about the purpose of the company and how to run it as stated below.