Maintaining Books of Accounts by Small Business Owners
Maintaining Books of Accounts by Small Business Owners, Check Complete Requirement of Maintenance of Books of Accounts, also check Requirement to Maintain Books And Audit,What
Accounting Standards
Deferred Revenue Expenditure, What is Deferred Revenue
Deferred Revenue Expenditure:Deferred revenue expenditure is that expenditure for which payment has been made or a liability incurred but which is carried forward on the
Classification of Errors, Types of Errors (Clerical Errors)
Classification of Errors or Types of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of the trading
Capital Expenditure, Meaning with example of Capital Expenditure
Capital expenditure is that expenditure which results in acquisition of an asset or which results in an increase in the earning capacity of a business.
AS 5: Net Profit or Loss for the Period, Prior Period Items
AS 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies. This Standard should be applied by an
Accounting Standard 1 (AS 1) – Disclosure of Accounting Policies
Accounting Standard 1: This Standard deals with the disclosure of significant accounting policies which are followed in preparing and presenting financial statements.. To ensure proper
Accounting Standard 15: Accounting for Retirement Benefits
Accounting Standard 15: Accounting for Retirement Benefits. Accounting Standards (ASs) are written policy documents issued by the Government with the support of other regulatory bodies
Journal, What is Journal, Advantages of Journal, Functions of Journal
Journal:A journal is often referred to as Book of Prime Entry or the book of original entry. In this book transactions are recorded in their
Accounting standard 28 (AS 28) Impairment of Assets
Accounting standard 28 Impairment of Assets: The objective of AS 28 is to prescribe the procedures that an enterprise applies to ensure that its assets
AS 20 Earning Per Share (Accounting Standard 20 – EPS) with Illustration
AS 20 Earning Per Share (Accounting Standard 20 – EPS) with all Illustration.Recently we provide various another accounting standards and we provide Links for other
AS 22 Accounting for Taxes on Income – Scope, Definition, Example
AS 22 Accounting for Taxes on Income: The objective of this Standard is to prescribe accounting treatment of taxes on income. Taxable income may be
Accounting Cycle, Steps / Phases of Accounting Cycle: Detailed
Accounting Cycle: When complete sequence of accounting procedure is done which happens frequently and repeated in same directions during an accounting period, the same is
Journal : Books of Prime Entry, Functions and Advantages of Journal
General Journal:This is also known as Journal Proper or General Journal. It is used for making the original record of such transactions for which no
Ledger Accounts 2021 – Principal Book of Accounts and Posting
LedLedger Accounts – Principal Book of Accounts:All journals are posted into ledger chronologically and in a classified manner Ledger is the principal book of accounts
Branches of Accounting, Types of Accounting, Many Branches
Branches of Accounting:Accounting has universal application for recording transactions and events and presenting suitable information to aid decision-making regarding any type of economic activity ranging
Contingent Assets and Contingent Liabilities – In Detailed
Contingent Assets and Contingent Liabilities:Acontingent assetis a potentialassetassociated with acontingentgain. Unlikecontingentliabilities andcontingentlosses,contingent assetsandcontingentgains are not recorded in accounts, even when they are probable and the
as 3, Accounting Standard 3, Cash Flow Statement Full Guide
as 3, Accounting Standard 3: Cash Flow Statement : The Standard deals with the provision of information about the historical changes in cash and cash
Types of Cash Book, How Many Types of Cash Book, Contra Entry
Types of Cash Book: Cash book is the book in which all transactions concerning cash receipts and cash payments are recorded. Cash Book is in
Steps to Locate Errors | Rectification of Errors, Errors in Trial Balance
Steps to Locate Errors:Even if there is only a very small difference in the trial balance, the errors leading to it must be located and
AS 1 (Accounting Standard 1) – Disclosure of Accounting Policies
AS 1 – Disclosure of Accounting Policies. This Standard deals with the disclosure of significant accounting policies which are followed in preparing and presenting financial
Ind AS 7 – Statement of cash flows, Applicability, Scope, Objective
Ind AS 7 Statement of Cash Flows – Ind AS 7 prescribes principles and guidance on preparation and presentation of cash flows of an entity
Difference between Capital Expenditure and Revenue Expenditure
Difference between Capital Expenditure and Revenue Expenditure:The following are the points of distinction between capital expenditure and revenue expenditure: The Revenue Expense relates to the
Accounting Equation: Formula of Accounting with Example
Accounting Equation:The accountingequationthat is the foundation of double entryaccounting. Theaccounting equationdisplays that all assets are either financed by borrowing money or paying with the money
AS 12 Accounting for Government Grants, Accounting Standard 12
AS 12 Accounting for Government Grants: This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies,
How accounting standards r formulated – Detailed Analysis
How accounting standards r formulated. here we are providing an special article for How accounting standards r formulated. In This Article you can find complete
Ind AS 40 Investment Property – Objective, Classification
Ind AS 40 Investment Property. The objective of IndAS 40 is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment property
ind as vs as, Differences between Ind AS and existing AS
ind as vs as, Differences between Ind-AS and existing AS. Find Differences between new standards (IndAS) and existing standards (AS). This presentation takes one through
Comparison between Capital Expenditure and Revenue Expenditure
Comparison between Capital Expenditure and Revenue Expenditure, check out difference between capital Expenditure and Revenue Expenditure. Capital Expenditure: This represents expenditure incurred for the purpose
Features of the Ledger Account, The Features of Ledger Account
Features of the Ledger Account: After recording the transactions in the journal, recorded entries are classified and grouped into by preparation of accounts. The book
Accounting for Not for Profit Organisation, Accounting for Special Items
Accounting for Not for Profit Organisation, CheckAccounting for non profit organisations, A Not for Profit Organisation prepares their financial statements in the following form: i)