The NGO Mladiinfo Montenegro held an online workshop on the occasion of the International Accounting Day, on November 10 at 11am via the Zoom application.
The workshop was led by Dragan Goranović, who spoke in more detail about the concept, goals and tasks of accounting.
“The essence of accounting comes down to the fact that from the “raw” data from the accounting documentation, by bookkeeping processing creates data in the business books of accounting, database and indicators, and then to transform them into further problem-oriented information, and finally, to submit them to users who will use it for various purposes, mainly for business and financial decision-making”, said Dragan Goranović.
At the workshop, we had the opportunity to learn more about financial statements.
“General purpose financial statements consist of: a statement of financial position, a statement of comprehensive income, a statement of cash flows, a statement of changes in equity. The statement on the financial position speaks about the situation of the company at a certain point in time”, said Goranović.
Also, Dragan spoke about double-entry bookkeeping with a few examples: “Double-entry bookkeeping is not defined for double posting. Double entry of business changes does not define a double entry bookkeeping system. The double-entry bookkeeping system is defined by the principle that every business transaction is decided in two ways: once as a debt and once as a receivable. ”
During the workshop, accounting principles, their concept and significance were also mentioned.
“Basic accounting rules are initiated by accounting practice and have been developed over time in accounting theory. Accounting principles determine the concept and basic characteristics of accounting, and also help in assessing, recording and reporting on business activities”, said Goranović.
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