American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 64 | P a g e FEATURES OF ACCOUNTING IN SMALL BUSINESS Isomuxamedov Akbarjon Boxodir o’g’li Master, Namangan Engineering Construction Institute Republic of Uzbekistan, Namanagan city, 12 Islam Karimov street. Annotation The article examines the most important features of accounting in small businesses. Keywords: small business, accounting, accounting policy, chart of accounts, financial statements. Introduction It is known that in the context of economic liberalization, it is important that businesses conduct financially sound activities. This is based on accounting and financial management based on its data. In our country, the legal framework for small business accounting has been developed and put into practice. These laws include the Constitution of the Republic of Uzbekistan, the Civil Code, the Labor Code, the Law "About Private Enterprises", the Law " About Guarantees of Freedom of Entrepreneurship", the Law " About Accounting", the Law " About Auditing" and others. In accordance with the legislation, the head of the farm is responsible for the organization of accounting in enterprises. Accounting in legal entities in accordance with IFRS is organized in accordance with the single methodological framework and measures established by the "Instruction plan and guidelines for the accounting of financial and economic activities of business entities" No. 21. In small business, as in all legal entities, there are two aspects of accounting: financial and management accounting. Financial accounting procedures are formally established by the state and are primarily set out in the Law about Accounting and the National Accounting Standards. The results of the financial statements are summarized in the financial statements. These reports are submitted to the tax authorities, which represent the interests of the state, and are transparent financial information. Financial accounting data is very important for running an enterprise, but it is not enough. Therefore, there is a need for a wider and deeper accounting in the enterprise than the requirements of financial accounting. An accounting account that provides the information needed to manage an enterprise is called a management account. This aspect of accounting is determined independently by the enterprise itself. An accounting policy should be developed based on the enterprise's need for the preparation of official financial statements and the internal economic information American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 65 | P a g e necessary to manage the enterprise. The requirements of the legislation with respect to accounting policies are set out in IFRS 1 and this also applies to small businesses. Currently, most small businesses do not have an accounting policy in place. One of the reasons for this is that the knowledge and skills of accounting staff do not meet modern requirements in all cases. It is therefore advisable to develop and recommend model views of enterprise accounting policies for small businesses. Suggestions on improving the accounting of small businesses and raising it to the level of modern requirements are regularly put forward in scientific publications. Currently, the Ministry of Finance is summarizing these proposals, developing a simplified chart of accounts for small businesses, recommended samples of the most important types of primary documents, organizational structure and division of responsibilities of accounting in a small business, a sample accounting scheme for small businesses. necessary. In our opinion, it would be expedient to adopt this document as an integral part of IFRS 20. Because the above does not mean restriction of entrepreneurial freedom, but serves to strengthen financial discipline and financial control in a small business, increase the confidence of creditors and potential investors in a small business, ensure the necessary openness and transparency of reliable information about the business. The organization of accounting in small business should begin with the development and registration of accounting policies of the farm. According to paragraph 55 of the National Accounting Standard of the Republic of Uzbekistan No. 1 "Accounting Policy and Financial Reporting", a newly formed business entity must formalize the accounting policy before the first publication of its financial statements, but not later than 90 days after acquisition of legal entity. This requirement applies to all business entities, regardless of the form of ownership. The accounting policy of the farm should be formalized in the form of an organizational-command document (order, directive, etc.) of the head of the farm in accordance with this paragraph of Standard No. 1. The accounting policy developed and adopted does not change during the year on the farm. Accounting policies The specific rules applied by an entity to the preparation and preparation of financial statements may not be inconsistent with the law. At the same time, within the framework of accounting policy, the business can independently address important issues of accounting, based on their needs and capabilities. Two important issues are important in the development of accounting policy in small business: the first is to use or add to other forms of primary documents, the second is to determine the order of document flow in the enterprise accounting, and the second is to work in the enterprise accounting. develop a chart of accounts. When using the simplified system of accounting, the business is allowed to adjust the existing registers of accounting in accordance with the characteristics of its activities. However, the following requirements must be met: - Unified methodology of accounting, the principle of double entry; - The interconnectedness of the synthetic accounting data of the analytical account; American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 66 | P a g e - Comprehensive recording of all business transactions in the accounting registers; - Keeping records based on primary documents; - Collection and sorting of data from primary documents on the indicators necessary for the preparation of financial statements. Accounting is divided into the following stages: - Comprehensive documentation of all business operations through the preparation of appropriate primary documents; - Entry of data in primary documents into accounting registers; - Preparation of financial statements. The entity's accounting policies should take into account the above. In particular, the accounting policy sheds light on specific aspects of the preparation and use of primary documents in the enterprise: what primary documents are created in the business process, who compiles and signs them, who processes the documents, details of documents, and so on. Strict adherence to the above principles of accounting in the enterprise increases the accuracy and objectivity of accounting information. As a result, the quality of information required for management decisions will improve and the effectiveness of decisions will increase. It should be noted that the procedures of the simplified accounting system are set out in the National Accounting Standard No. 20 of the Republic of Uzbekistan, which is called "On the procedure for simplified accounting and reporting by small businesses." This standard was registered with the Ministry of Justice on January 24, 2004, No. 879. Clause 1.2 of the standard states that it applies in accordance with the general rules established by the requirements of the Law on Accounting, but the standard does not mean a deviation from the requirements of the law on accounting. As noted in paragraph 22 of the Standard, it is used in conjunction with other national accounting standards for the purposes of detailing, measuring and disclosing individual transactions and events. Two issues are important in the development of an enterprise's accounting policy: the first is to use or add to other forms of primary documents, the second is to determine the order of document flow in the enterprise's accounting, and the second is to establish a working chart of accounts in the enterprise. development When using the simplified system of accounting, it is allowed to adjust the existing registers of business accounting in accordance with the characteristics of their activities. However, the following requirements must be met: To a single methodology of accounting; To the principle of double-sided writing; The interconnectedness of synthetic accounting data with analytical accounting; Comprehensive recording of all business transactions in the accounting registers; Keeping records on the basis of primary documents; American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 67 | P a g e To collect and organize the data of primary documents on the indicators necessary for the preparation of financial statements. Accounting is divided into the following stages: comprehensive documentation of all business transactions through the preparation of appropriate primary documents; entry of data in primary documents into account registers; preparation of financial statements. The entity's accounting policies should take into account the above aspects. In particular, the accounting policy sheds light on specific aspects of the preparation and use of primary documents in the economy: what primary documents are created in the economic process, who creates and signs, who processes the documents, revisions of documents, and so on. Special attention is also paid to the use of account registers. In developing accounting policies for small businesses, special attention should be paid to issues in the field of management accounting. Because without it, the management of the enterprise can not be raised to the level required by the free economic environment. The activities of a modern enterprise are based on careful and continuous budgeting. It is becoming necessary to rely on standard costing in cost accounting. In the management of the enterprise plays a very important role in the rational definition of cost standards for product types or responsibility centers and ensuring regular monitoring of compliance with standards, production volume-cost- benefit analysis. The implementation of these tasks is ensured by maintaining a database management database. In addition, the accounting structure of a small business will have to perform these functions directly. References 1. Isomukhamedov, A., & Sirojiddinov, I. (2022, January). DETERMINING AND ACCOUNTING FOR THE COST OF PRODUCTION IN SMALL BUSINESSES IN THE MANUFACTURING SECTOR. In Conference Zone (pp. 241-243). 2. Ботирова, Р. А., Сирожиддинов, И. К., & Жураев, Э. С. (2020). Поддержка и стимулирование инвестиционных процессов в экономике в условиях короновирусной пандемии. Экономика и социум, (5-1), 416-421. 3. Ботирова, Р. А., & Сирожиддинов, И. К. (2015). Роль коммерческих банков в финансовом оздоровлении предприятий. Молодой ученый, (5), 245-246. 4. Ботирова, Р. А., & Сирожиддинов, И. К. (2017). Социальная направленность инвестиционных процессов в Узбекистане. Молодой ученый, (41), 38-39. 5. Sirojiddinov, I., & Xodjibaeva, I. (2020). Features of the investment process in the economy in the conditions of the pandemic coronavirus. EPRA International Journal of Multidisciplinary Rescarch-Peer Revieved Journal. 6. Сирожиддинов, И. К., & Ходжибаева, И. В. (2020). Инновационные процессы в экономике регионов в условиях коронавирусной пандемии. Молодой ученый, (20), 449-452. American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 68 | P a g e 7. Sirojiddinov, I. Q., & Xodjibaeva, I. V. (2021). Factors affecting regional investment potential. ASIAN JOURNAL OF MULTIDIMENSIONAL RESEARCH, 10(5), 404- 409. 8. Xolmirzaev, U. A. (2020). Financial assets and improvements of their analysis. Экономика и социум, (1), 102-105. 9. Juraev, E. S., & Xolmirzayev, U. A. (2019). Profits of housekeeping and its development. TRANS Asian Research Journals, 8(4). 10. Холмирзаев, У. А. (2021, October). ҚИСҚА МУДДАТЛИ ҚИММАТЛИ ҚОҒОЗЛАРНИ АНАЛИТИК ҲИСОБИНИ ТАКОМИЛЛАШТИРИШ. In " ONLINE-CONFERENCES" PLATFORM (pp. 396-399). 11. Sirojiddinov, I., Xolmirzaev, U., & Axmadjonova, M. (2021). THE NEED AND FACTORS TO ACCELERATE THE DEVELOPMENT OF PRIVATE ENTREPRENEURSHIP. Интернаука, (21-5), 14-16. 12. Juraev, E., Xolmirzaev, U. A., & Rustamova, M. (2021). INCREASING THE EFFICIENCY OF REAL INVESTMENT IN THE CONDITIONS OF ECONOMIC LIBERATION. Интернаука, (21-5), 9-11. 13. Xolmirzaev, U., Juraev, E., & Axmadjonova, M. (2021). THE ROLE OF ACCOUNTING IN SMALL BUSINESS MANAGEMENT. Интернаука, (21-5), 20- 22. 14. Juraev, E. S., & Xolmirzayev, U. A. (2020). SUPPORTING SMALL BUSINESS SUBJECTS BY TAX REFORMS. Экономика и социум, (1), 48-52. 15. Xolmirzaev, U. A., Juraev, E., & Jamgirova, G. I. (2021). APPROACH TO ACCOUNTING FOR FINANCIAL ASSETS IN THE ENTERPRISE IN ACCORDANCE WITH INTERNATIONAL STANDARDS. Интернаука, (21-5), 17- 19. 16. Xolmirzaev, U. A., & Juraev, E. S. (2020). Problems of improvement of debitor debt debt analysis. Мировая наука, (1), 100-105. 17. Abdulazizovich, K. U. (2022). IMPROVING METHODOLOGICAL APPROACHES TO FINANCIAL ASSET ACCOUNTING. INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT, ENGINEERING AND SOCIAL SCIENCES ISSN: 2349-7793 Impact Factor: 6.876, 16(4), 56-62. 18. Sobirjon o’g’li, J. E., & Abdulazizovich, X. U. B. SUPPORTING SMALL BUSINESS SUBJECTS BY TAX REFORMS. 19. Ogli, I. S. H. (2022). TENDENCIES OF INDUSTRIAL DEVELOPMENT IN NAMANGAN REGION. INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT, ENGINEERING AND SOCIAL SCIENCES ISSN: 2349-7793 Impact Factor: 6.876, 16(4), 86-93. 20. Ogli, I. S. H., & Oglu, O. I. A. Peculiarities of the Development of Industrial Production in Namangan Region. Volume, 9, 544-547. American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 69 | P a g e 21. Abdullayevich, A. O., & Abdullajanovich, U. T. (2021, December). DEVELOPMENT OF SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP IN UZBEKISTAN. In Conference Zone (pp. 123-128). 22. Abdullajanovich, U. T. (2022, March). THE ROLE OF INDUSTRIAL ENTERPRISES IN THE DEVELOPMENT OF THE NATIONAL ECONOMY. In Conference Zone (pp. 271-276). 23. Abdullajanovich, U. T. (2021). THE MAIN DIRECTIONS OF DIVERSIFICATION OF EXPORTS OF INDUSTRIAL PRODUCTS ON THE BASIS OF LOCALIZATION. Galaxy International Interdisciplinary Research Journal, 9(12), 70-75. 24. Yakubovich, Y. A., & Sobirjon o’g’li, J. E. (2021, December). TAX POLICY AND WAYS TO IMPROVE IT. In Conference Zone (pp. 167-170). 25. Abdullayevich, A. O. (2022). THE DEVELOPMENT OF MANAGEMENT SCIENCE IN THE ANCIENT WORLD. INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT, ENGINEERING AND SOCIAL SCIENCES ISSN: 2349-7793 Impact Factor: 6.876, 16(4), 33-39. 26. Juraev, E. S. (2020). INFLATION RISK. Мировая наука, (1), 29-33. 27. Juraev, E. S. (2017). World experience in lending to small businesses. High School. 28. Juraev, E. S. (2017). World experience in small business lending. Высшая школа, (11). 29. Жураев, Э. С. (2017). Мировой опыт по кредитованию малого бизнеса. Высшая школа, 11, 14. 30. Qutbiddinovich, S. I. (2022). FEATURES OF ACCOUNTING AND FINANCIAL CONTROL IN SMALL BUSINESS. INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT, ENGINEERING AND SOCIAL SCIENCES ISSN: 2349-7793 Impact Factor: 6.876, 16(4), 40-48. 31. Sirojiddinov, K. I. (2021). ISSUES OF FRUIT AND VEGETABLE EXPORT DEVELOPMENT. Экономика: анализы и прогнозы, (2), 41-46. 32. Хакимов, Б., Талабоев, Х., & Холмирзаев, У. (2021). ВОПРОСЫ УЛУЧШЕНИЯ АНАЛИЗА ОБРАЩЕНИЯ ДОЛГОВОЙ ЗАДОЛЖЕННОСТИ В УСЛОВИЯХ НАПРАВЛЕНИЯ. Экономика и социум, (6-2), 441-446. 33. Gulshirin, J., & Abdulazizovich, X. U. B. (2022, March). INCREASING THE EFFICIENCY OF INVESTMENT IN THE DEVELOPMENT OF EXPORT DIVERSIFICATION IN THE REGION. In Conference Zone (pp. 277-281). 34. Khakimov, B., & Kholmirzayev, U. (2020). IMPROVING CASH ACCOUNTING AND ANALYSIS ON THE BASIS OF INTERNATIONAL EXPERIENCES. International Finance and Accounting, 2020(1), 18. 35. Камолов, А. А., & Холмирзаев, У. А. (2016). Малый бизнес и частное предпринимательство в Узбекистане. Вопросы экономики и управления, (5), 182-184. American Journal of Interdisciplinary Research and Development ISSN Online: 2771-8948 Website: www.ajird.journalspark.org Volume 05, June, 2022 70 | P a g e 36. Hakimov, B., Yunusov, M., & Holmirzayev, U. (2019). ELABORATION OF THE BALANCE SHEET LIQUIDITY ANALYSIS-REQUIREMENTS OF THE PERIOD. International Finance and Accounting, 2018(1), 202. 37. Juraev, E., & Juraeva, M. (2021). CURRENT ISSUES OF HIGHER EDUCATION SYSTEM DEVELOPMENT. Интернаука, (21-4), 62-63. 38. Juraev, E. S. (2018). Foreign experience in conducting financial policies for small business development. Economy and Society. 39. Жураев, Э. С. (2018). ЗАРУБЕЖНЫЙ ОПЫТ ПО ВЕДЕНИЮ ФИНАНСОВОЙ ПОЛИТИКИ ДЛЯ РАЗВИТИЯ МАЛОГО БИЗНЕСА. Экономика и социум, (11), 357-362. 40. Sharifjanovna, Q. M. (2021). Perpendicularity of a Straight Line to a Plane and a Plane to a Plane. International Journal of Innovative Analyses and Emerging Technology, 1(5), 70-71. 41. Abduraximovich, U. M., & Sharifjanovna, Q. M. (2021). Methods of Using Graphic Programs in the Lessons of Descriptive Geometry. International Journal of Discoveries and Innovations in Applied Sciences, 1(6), 149-152. 42. Комилов, С., & Козокова, М. (2015). Разработка вычислительного алгоритма решения гидродинамических задач управления процессами ПВ в неоднородных средах при условии использования этажной системы разработки. Молодой ученый, (11), 324-328. 43. Mallaboyev, N. M., Sharifjanovna, Q. M., Muxammadjon, Q., & Shukurullo, C. (2022, May). INFORMATION SECURITY ISSUES. In Conference Zone (pp. 241- 245). 44. Mallaboyev, N. M., Sharifjanovna, Q. M., & Nodirbek, M. (2022, May). INTERACTION BETWEEN INFORMATION COMPLEXES IN ECONOMIC SPHERES. In Conference Zone (pp. 250-253). 45. Mallaboyev, N. M., Sharifjanovna, Q. M., Elmurod G‘ayratjon o‘g, U., & Najmiddin Ulug‘bek o‘g, T. (2022, May). TRENDS IN THE SPEED OF INTERNATIONAL INFORMATION NETWORKS. In Conference Zone (pp. 246-249). 46. Sharifjanovna, Q. M. (2022). THE ROLE AND FUNCTION OF INFORMATION AND COMMUNICATION TECHNOLOGIES IN THE DIGITAL ECONOMY. ASIA PACIFIC JOURNAL OF MARKETING & MANAGEMENT REVIEW ISSN: 2319- 2836 Impact Factor: 7.603, 11(05), 19-21. 47. Sharifjanovna, Q. M. (2022). METHODS OF USING FINE ARTS IN THE PROCESS OF DEVELOPING THE PROFESSIONAL COMPETENCIES OF FUTURE ARCHITECTS. INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, IT, ENGINEERING AND SOCIAL SCIENCES ISSN: 2349-7793 Impact Factor: 6.876, 16(5), 49-51.