China’s Accounting Law: Requirements for accounting books1. Requirements for the registration of accounting booksThe first paragraph of Article 15 of the Accounting Law states, "The registration of accounting books shall be based on audited accounting vouchers and comply with the applicable laws, administrative re…
China’s Accounting Law: Types of accounting booksAccounting books are classified into the following types:1. General ledgerGeneral ledger, also known as general ledger account, is a ledger book that provides information based on the general ledger items.2. Sub ledgerSub ledger, also known as subsidiary ledger, is a le…
China’s Accounting Law: Concept and functions of accounting booksAccounting books refer to books that are composed of interrelated account pages in a format and are used to record and reflect relevant economic transactions in a chronological and classified manner. Setting up accounting books is an important part of acc…
China’s Accounting Law: Review of accounting vouchersIn order to ensure the authenticity, legality, and accuracy of accounting data, supervision of the receipt and payment of funds, and provision of complete accounting information, accounting vouchers should be strictly reviewed.
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…
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