Everything you need to know about the limitations of financial accounting. Financial Accounting is the father of accounting system. Cost Accounting is a branch of accounting and has been developed due to the limitations of financial accounting. Financial Accounting gives general information about the major functions of the business such as finance, administration, production and distribution. Financial accounting aims at [...]
In this article we will discuss about:- 1. Introduction to Accounting Standards 2. Indian Accounting Standards 3. Auditors 4. Procedure 5. Compliance 6. Scope 7. Applicability. Contents: Introduction to Accounting Standards Indian Accounting Standards Accounting Standards and Auditors Procedure for Issuing Accounting Standards Compliance with Accounting Standards Scope of Accounting Standards Accounting Standards and their Applicability 1. Introduction to Accounting [...]
Preparation of Final accounts with Adjustments! The reporting information will not be accurate unless we take into consideration the adjustment entries. The treatment of various common adjustments such as closing stock, outstanding expenses, accrued incomes, prepaid expenses, incomes received in advance, bad debts, reserve for bad and doubtful debts, reserve for discount on debtors, reserve for discount on creditors, interest [...]