Small Business Accounting System

Author: Editorial Team of This Book
Publisher:
Publishing Time: 2004-08-01
Features:
(1) To standardize the accounting practices of small enterprises and improve the quality of accounting information, this system is formulated in accordance with the "Accounting Law of the People's Republic of China," the "Regulations on Corporate Financial Accounting Reports," and other relevant laws and regulations.
(2) This system applies to small enterprises established within the territory of the People's Republic of China that do not raise funds externally and have a small scale of operation.
(3) Small enterprises that comply with the provisions of this system may conduct accounting according to this system or choose to comply with the "Corporate Accounting System."
(4) Small enterprises may formulate specific accounting practices suitable for their own conditions based on relevant accounting laws, regulations, and the provisions of this system, provided that such practices do not violate the stipulations of this system.
(5) Small enterprises shall establish accounting departments or designate accounting personnel and accounting supervisors in relevant institutions based on the needs of accounting operations.
(6) Small enterprises shall fill in accounting vouchers, record accounting ledgers, and manage accounting archives in accordance with the "Specifications for Basic Accounting Work" and the "Administrative Measures for Accounting Archives."
(7) The accounting practices of small enterprises shall be based on the premise of continuous and normal production and business operations. Accounting practices shall distinguish accounting periods, settle accounts periodically, and prepare financial accounting reports at the end of the accounting period.
(8) The accounting practices of small enterprises shall use the Chinese yuan (RMB) as the accounting unit of currency.
(9) Small enterprises shall adopt the double-entry bookkeeping method for accounting.
(10) The language used in accounting records of small enterprises shall be Chinese. In ethnic autonomous regions, accounting records may also use one of the commonly used ethnic languages locally. Etc.