Top 4 Common Accounting Mistakes 1. Functional currency 2. Fifo stock policy 3. Inapproopriate accounting policy 4. Unresponsive accounting system
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.
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.
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.
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.
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