Petty Cash Book, Imprest System of Petty Cash (Advantages)
Petty Cash Book: Payments in cash of small amounts like traveling expenses, postage, carriage etc. are petty cash expenses. These petty cash expenses are recorded in
Accounting Knowledge
Rules of Debit and Credit, Concept of Debit and Credit Entries
Rules of Debit and Credit: The left hand side of an account is called the debit side; while the right hand side is called the
Suspense Account, What Is a Suspense Account? with Examples
Suspense Account: When a trial balance does not agree, efforts are made to locate errors and rectify them. However, if reason for disagreement of trail
Ind AS 2 – Inventories, Difference Between Ind AS 2 and AS 2
IndAS 2 – The objective of this Standard is to prescribe the accounting treatment for inventories. This Standard provides the guidance for determining the cost
Net Present Value (NPV): Meaning of NPV, How to Calculate NPV
Net Present Value (NPV): Present value of cash flows minus initial investments, The Net Present Value (NPV) method as an investment appraisal or capital budgeting
Should Professional Accountants Care about Culture? Yes!
Should Professional Accountants Care about Culture? Yes!. Extensive rules and procedures alone are not enough to ensure appropriate conduct in the work place—the financial crisis of
Meaning of Accounting, Scope of Accounting, Types of Accounting
Meaning of Accounting: According to AICPA Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions
Rectification of Errors, Stages of Errors, Need for Rectification
Rectification of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of the trading year. But inspite of the
Difference between Capital Receipts and Revenue Receipts
Difference between Capital Receipts and Revenue Receipts: Receipts which are not of revenue nature are capital receipts.The Receipts which are not received now and then
Accounts and its Classification, Types of Accounts (An Analysis)
Accounts and its Classification (Accounts Classification): The business transactions are recorded in accounts. An account is an individual record of a person, firm, or thing, an
Accounting Standard 13 (AS 13) – Accounting for investments
Accounting Standard 13 – Accounting for investments (AS 13).This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.
Trial Balance: features, objectives, methods of preparing
Trial Balance methods: A trial balance is a schedule or list of debit and credit balances extracted from various accounts in the ledger including cash
Revenue Expenditure, What is Revenue Expenditure with Example
Revenue Expenditure: Expenses whose benefit expires within the year of expenditure and which are incurred to maintain the earning capacity of existing assets are termed as
Debt Ratio – Debt service coverage Ratio: Meaning, Formula
Debt Ratio is one of the financial ratios which compares an entity’s total amount of debt to its total amount of assets, which is used
Advantages of Accounting, check out main Advantages of Accounting
Advantages of Accounting: These advantages usually coincide with the ability for companies to improve operations and overall profitability. Business owners can also create a competitive
Ind AS 8 Accounting Policies, Changes in Accounting Estimates
Ind AS 8 : Accounting policies, estimates and correction of errors play a major role in the presentation of financial statements. That is why Ind
IndAS 1: Presentation of Financial Statement – Detailed
IndAS 1: Presentation of Financial Statement, In India Presentation of Financial Statement is always governed by Companies Act instead of Accounting Standard. Earlier there is Schedule VI,
Accounting Concepts & Conventions – A complete discussion
Accounting Concepts are the assumptions and conditions on the basis of which financial statements of an entity are prepared. These are the concepts which are
IndAS 10 Event Occurring After the Reporting Period
IndAS 10 Event Occurring After the Reporting Period. The Standard requires that an entity should not prepare its financial statements on a going concern basis
5 Key Factors to Consider While Choosing an Accounting Software
5 Key Factors to Consider While Choosing an Accounting Software. How to Choose Accounting Software. Do you run a small business? Are you planning to
Justice and Accounting Justice – Detailed Analysis
Justice and Accounting Justice – Detailed Analysis, After Providing Complete Details for Truth and Accounting Truth, here we are providing complete analysis for Justice and Accounting Justice. there are