List of Tally Ledgers Groups List pdf: (Tally ledger under which head). check the complete list of tally ledgers created under the group list of Tally ERP 9 AND Earlier tally versions. tally ledger under group list in Hindi, Ledgers are a very important part of Journal Entries in Tally. Here we provide a list of common ledgers created … Read more
Various Types of Vouchers In Accounting, Be it vouching or passing an entry or maintaining regular books of accounts, the knowledge of vouchers & its types is very important. You must know what a voucher is & what are the various types of vouchers. So, let us have a look on the same. Accounting Voucher: … Read more
Functions of Accounting: There are certain users of accounts. Earlier it was viewed that accounting is meant for the proprietor or owner of the business, but changing social relationships diluted the earlier thinking. It is now believed that besides the owner or the management of the business enterprise, users of accounts include the investors, employees, … Read more
Accounting Concept: Accounting concepts are defined as basic assumptions on the basis of which financial statements of a business entity are prepared. They are used as a foundation for formulating various methods and procedures for recording and presenting business transactions. The important accounting concepts are given below: Accounting Concept (i) Business Entity Concept: Entity concept states … Read more
Typse of accounts: There are 3 types of Accounts i.e Personal account, Real Account, Nominal Account. The term “account” is always used in accounting / Book keeping to denote a specific record which stores all the debit and credit aspects related to that. Types of Accounts Meaning of Account : In accounting, the transactions that occurred … Read more
Classification of Negotiable Instruments, One of the most important things to be kept in mind while studying Law is the concept of Negotiable Instruments. For this purpose, the types of negotiable instruments should be clearly understood by us. In this article we provide complete details for the Classification of Negotiable Instruments, Now check more details below… … Read more
Download Accounting Heads for Tally we are providing a list of all accounting Heads for tally with descriptions. You can find all details of these accounting heads. Accounting Heads are very important for the tally. We always classified many expenses in heads and done accounting by using these Heads. This is my first article on Tally … Read more
Lease – A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. Leasing is a general contract between the owner and user of the asset over a specified period of time. The … Read more
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 books of accounts are required to be maintained by “persons?”, Where the books of accounts should be kept. in this article you may check complete details regarding Maintaining Books of … Read more
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 presumption that it will be of benefit over a subsequent period or periods. In short, it refers to that expenditure that is, for the time being, deferred from being charged … Read more
The inventory turnover ratio is a common measure of the firm’s operational efficiency in the management of its assets. As noted earlier, minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise. Ideally the inventory turnover ratio would be calculated as units sold divided by units on hand. If you … Read more
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 year. But in spite of the best efforts of the bookkeeper and the accountant certain errors are committed in the recording of the transactions which affect the final accounts of … Read more
Audit Program for In depth Scrutiny of Ledgers. Check to Compete Audit Program for Scrutiny of Various Ledgers like – Scrutiny of Debtors, Scrutiny of Creditors, Scrutiny of Fixed Assets and Depreciation, Scrutiny of Fixed Deposits, Scrutiny of Secured loans/Term loans/Cash Credit, Director’s Account Scrutiny, Scrutiny of Other Assets, Scrutiny of Investments, Scrutiny of Loans and Advances Given, … Read more
Fundamentals of Accounting: Every individual performs some kind of economic activity. A salaried person gets salary and spends to buy provisions and clothing, for children’s education, construction of house, etc. A sports club formed by a group of individuals, a business run by an individual or a group of individuals, a local authority like Calcutta … Read more
Difference between Book Keeping and Accounting with Meaning: Book-keeping is an activity concerned with the recording of financial data relating to business operations in a significant and orderly manner. It covers procedural aspects of accounting work and embraces the record-keeping function. Obviously, book-keeping procedures are governed by the end product, the financial statements. The term ‘financial … Read more
The word depreciation lays its roots in the Latin word depretiare. ‘de’ means down and ‘pretium’ means price. So, literal translation of the word brings out the meaning as downfall in price. But, in modern scenario, the use of the word depreciation is restricted to fixed assets only (except land). Now, first, we have to … Read more
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. The benefit of such expenditure lasts for a long period of time. As we have already discussed, capital expenditure contributes to the revenue earning capacity of a business over more … Read more
Various Types of Lease, After providing A comprehensive Discussion on Lease Here we are providing complete details for Various Types of Lease. A lease agreement or a rental agreement is a vital legal document that should be completed prior to a landlord renting property to a tenant. If you like this article then please like us on Facebook … Read more
A contingent liability is a possible obligation arising from past events and may arise in future depending on the occurrence or non-occurrence of one or more uncertain future events. A contingent liability may also be a present obligation that arises from past events. It represents a potential obligation that could be created depending on the … Read more
Capital Budgeting – When we study about Financial Management, we often consider taking decisions regarding investing in which project out of the various available options. To make this decision easier & more meaningful, we may adopt a variety of techniques. These techniques are called – The Capital Budgeting Techniques. Let us have a look on … Read more
Difference between Cash Flow Analysis and Funds Flow Analysis: Companies are evaluated on the basis of their financial performance. But the liquidity of a company is also important. To know the cash generated from different activities, like investing, financing, and operating activities cash flow statement is prepared. It is also used as one of the … Read more
Ind AS 36, Impairment of Assets: The objective of Ind AS 36 is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through … Read more
Ind AS 18, Revenue: The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This Standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be … Read more
Ind AS 33, Earnings per Share: The objective of Ind AS 33 is to prescribe principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same reporting period and between different reporting periods for the same entity. The focus of this Standard is on the … Read more
Supply Chain Management – Here we are providing full guide for Supply Chain Management (SCM). Find all details for Supply Chain Management like Definition, Advantages of having a supply chain management etc. Recently we provide complete details for Acid Test Ratio or Quick Ratio. If you like this article then please like us on Facebook … Read more
Ind AS 38, Intangible Assets: The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount … Read more
Ind AS 1, Presentation of Financial Statements: Ind AS 1 prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and … Read more
Should Accountants learn to Code?: By the heading, you may get confused with what this article is exactly about? Let me give you some background of the subject. Artificial Intelligence (AI) is no longer a pipe dream, and robotic process automation (RPA) is already here and displacing blue collar workers and professionals alike. People like … Read more
AS 5 – Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies. This Standard should be applied by an enterprise in presenting profit or loss from ordinary activities, extraordinary items and prior period items in the Statement of Profit and Loss, in accounting for changes in accounting estimates, and … Read more
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 chronological order. The process of recording transaction in a journal is called as ‘Journalisation’. The entry made in this book is called a ‘journal entry’. Journal is the book of … Read more