FAQ Accounting

A FAQ about the most common questions to answer on the field about accounting matters related to Businesses

in this article, we will be answering all common questions that are related to Accounting matters and bookkeeping in the United Arab Emirates

It is the systematic and comprehensive recording of all financial transactions and the process of summarizing, analyzing and reporting.

What is accounting services ?

It enables businesses to identify their profitability and make informed decisions related to pricing, cost control, and revenue growth.

Why accounting services are important ?

Inaccurate or incomplete records can lead to incorrect financial statements, which can mislead investors and creditors. This can result in costly legal battles and damage to the company's reputation.

What happens if we don’t do proper accounting ?

Most commonly used standard is International Financial Reporting Standard (IFRS) for Accounting in UAE.

Which accounting standard is used in the UAE ?

Accounting process involves identifying the transactions, recording them in a journal, posting them, preparing the unadjusted trial balance, analyzing the worksheet, adjusting journal entry discrepancies, preparing a financial statement, and closing the books.

What is the proper process of Accounting?

Government entity and entity wholly owner and controlled by Government, Businesses engaged in the extraction, Qualifying Public Benefit Entities, Qualifying Investment Funds, public or private pension or social security funds, Entity wholly-owned and controlled by exempt entity

Who are exempt from Corporate Tax ?

Liability is any kind of financial obligation that a business must pay at the end of an Accounting period to a person or a business.

What is the liability?

We are not providing accounting Software, but we can provide recommendation and guidance about it.

Can Danix Consultancy provide me with Accounting Software ?

Yes, we can provide accounting, VAT, Corporate Tax and WPS trainings.

Can Danix Consultancy provide me with accounting training?

Yes, we provide Accounting services to all kind of businesses including Start-ups.

Can I have Accounting services for a Start-up in UAE?

It helps starting from budgeting and forecasting to attract investors and control expenses. Accounting plays a crucial role in the success and sustainability of Start-ups.

How can Accounting services help Start-ups in UAE?

Audit is an objective examination and evaluation of a company’s financial statements by an independent and qualified auditor.

What are Audit services ?

Audit is important because it provides assurance that the financial statements are fair, accurate, and compliant with the applicable accounting standards and regulations.

Why auditing is important in the UAE ?

As per Corporate Tax law, Audit is mandatory for Qualifying freezone person and company exceeding a turnover of AED 50 millions.

Who is required to have Audited Financial statements?

An audit determines whether an organisation is providing a true and fair view of its financial performance and position, which on its own is something any organisation wants to achieve.

Why auditing is important in UAE ?

Yes, DANIX Consultancy provides Accounting, VAT registration and filling, Auditing, Corporate Tax registration and filling, Tax Advisory and planning, AML Compliance, WPS processing, companies establishment, Corporate Services (PRO) and more.

Does Danix Consultancy provide other services ?

It is a Managerial Accounting process that involves recording, analyzing, and reporting the company's costs.

What is cost accounting ?

In double-entry Accounting, Debits refer to incoming money, and Credits refer to outgoing money. For every Debit in one account, another account must have a corresponding Credit of equal value.

What is debit and credit in accounting ?

It is basically the process of recording, managing, and analyzing the compensation of employees, including wages, salaries, bonuses, commissions, etc.

What is payroll in accounting ?

The basic accounting equation states that assets = liabilities + stockholders' equity.

How to calculate assets in accounting ?

In double-entry accounting, debits refer to incoming money, and credits refer to outgoing money. For every debit in one account, another account must have a corresponding credit of equal value.

What is debit and credit in accounting ?

Bookkeeping is the process of recording your company's financial transactions into organized accounts on a daily basis.

What is Bookkeeping in Accounting?

The basic Accounting equation states that Assets = Liabilities + equity.

How to calculate Assets in Accounting?

It depends on the number of transactions, risk involved and time allocation. In addition, customized services are available to suit your business. Contact us today and will provide you the best package

What are the best Accounting service packages?

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