Limitations of Accounting, What are the Limitations of Accounting:Accounting is not fully exact: Accounting is influenced by the personal judgment in respect of various terms.People
Definition of Accounting: Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in
Bills of Exchange and Promissory Notes. Check Difference Between Bills of Exchange and Promissory Notes. Key Difference Between Promissory Notes and Bills of Exchange. Meaning
Accounting Standard 16 – Accounting for Borrowing Costs (AS 16). This Standard should be applied in accounting for borrowing costs. This Standard does not deal
Balancing Ledger Accounts:Balancing of an account means the process of equalizing the two sides of an account by putting the difference on the side where
What is Debit and credit explained with accounting equation. We often come across the words Debit and credit in many situations like while reading accounting
Capital and Revenue Receipts:Capital receipts comprise of payments or contributions into the business by the proprietor, partners or companies towards the capital of the firm
Accounting Rate of Return / Average Rate of Return. Here we are providing complete details forAccounting Rate of Return orAverage Rate of Return. In this
Material Requisition – Meaning, Procedure and Problems. Meaning of Material Requisition, Everything you want to know about Material Requisition. Material requisition may seem like a
Capital and Revenue Expenditure and Deferred Revenue Expenditure. Find Everything You want to know about Capital and Revenue Expenditure. Complete Guide ofCapital and Revenue Expenditure.
Accounting Standard 10 (AS 10) – Accounting for Fixed Assets. The objective of this Standard is to prescribe the accounting treatment for property, plant and
List of Ind AS Notified by MCA – Indian Accounting Standards. Ministry of corporate affairs issued list of Indian Accounting Standards (IndAS), Here we are
Users of Accounting Information: Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, etc. are
Role of Accountant: An accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company’s financial operations.
Difference Between Convertible and Non Convertible Debentures:Check What is the Difference between Convertible and Non Convertible Debentures. Debentures are the long term debt instruments issued
Distinguish Accounting, Auditing and Investigation, Difference between Accounting Auditing and Investigation. In this article you can find everything you want to know about Investigation, auditing
Ind AS 37: The objective of Ind AS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and
Double Entry System of book-keeping has emerged in the process of evolution of various accounting techniques. It is the only scientific system of accounting. According
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
Corporate Frauds and Auditors Responsibility , The Companies Act, 2013, has introduced several new reporting requirements for statutory auditors. Section 143(12) requires statutory auditors to
Ind AS 12, Income Taxes:IndAS 12 prescribes the accounting treatment for income taxes. For the purposes of this Standard, income taxes include all domestic and
How to Calculate Net Profit for Managerial Remuneration, An special article on How to Calculate Net Profit for Managerial Remuneration and CSR.profit under section 198, In