26/01/2017
Manager of the Training and Development Center College of
Technology in Qatif, Abdul Moneim Bin Abdul Baki Al Sadiq stressed that that
the accounting goals are to keep records
organized and determine the results of the business of the institution and its properties and
obligations, as well as the provision of data and information with the aim of
planning, control and decision making.
He
said in the lecture titled «basics of accounting in small projects», organized
by Asharqia Chamber represented by
medium and small institution Center on Wednesday,
January 25, 2017 in its ranch in Qatif, that accounting is a basic function of the administrative
structure in the small project, stressing how important it is that must not be ignored
at all in
the projects, and the fact that it determines the profit and loss and the best
returns of any product, the amount of financial liquidity, and many others.
Al
Sadiq pointed to the accounting
assumptions, stressing the importance of the independence of the units from
each other and their owners ( for each institution a virtual personality that
is independent from its owner) and has private
records, in addition to the monetary union, moving to explain the accounting principles from
which historical cost and comparing
revenue with expenses and disclosure, as well as recording revenues whether collected or not, and expenses, whether paid
or not, also he explained, how to complete the accounting cycle and how they
are applied in small institutions, either manually or through a simple program
such as excel.
At
the end of the lecture, the board Member Abdul Muhsen Bin Abdul Majid Al Faraj,
honored the lecturer Al Sadiq with a memorial
shield.
