China’s Accounting Law: Requirements for accounting vouchersAccording to Article 14 of the Accounting Law, original vouchers must be filled out or obtained and promptly submitted to the accounting department for accounting purpose. Accounting agencies and accountants must review the original vouchers, reject any untrue…
China’s Accounting Law: Types of accounting vouchersAccounting vouchers are divided into original vouchers and accounting vouchers.An original voucher is a written proof that is directly obtained or filled out when an economic transaction occurs, and used to record the occurrence and completion of the economic transact…
China’s Accounting Law: Concept and functions of accounting vouchersAn accounting voucher is a written proof that records the occurrence and completion of economic transactions, clarifies economic responsibilities, and serves as a basis for bookkeeping. As an important part of accounting practice, preparation and revie…
China’s Accounting Law: Accounting Practice (VII) Text and archives of accounting recordsArticle 22 of the Accounting Law stipulates that the text of accounting records shall be in Chinese. In ethnic autonomous areas, a commonly used ethnic language may also be used for accounting records. The accounting records of for…
China’s Accounting Law: Accounting Practice (VI) Computerized accountingComputerized accounting is the abbreviation for the application of modern electronic and information technology, which is mainly based on computers, to accounting work. It mainly applies electronic technology to replace manual bookkeeping, accounti…
China’s Accounting Law: Accounting Practice (V) Functional currencyFunctional currency refers to the currency used for daily registration of accounting books and preparation of accounting statements. According to Article 12 of the Accounting Law, RMB shall be used as the functional currency in accounting practice. An e…
China’s Accounting Law: Accounting Practice (IV) Accounting yearArticle 11 of the Accounting Law states, "An accounting year starts on January 1st and ends on December 31st in Gregorian calendar".
China’s Accounting Law: Accounting Practice (III) The content of accounting practiceAccording to Article 10 of the Accounting Law, the following matters shall be subject to accounting procedures and accounting practice: ① The receipt and payment of funds and securities; ② The receipt, distribution, increase, decrease…
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