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Åđítyá Kumar 4 years ago
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Gaurav Seth 4 years ago
A Voucher in Accounting is a document , which provides the evidence of the occurrence of a transactions is called Voucher. Voucher is also called the Source Document . A voucher is also prepared to show the necessary details in respect of a transaction where there may not be any documentary evidence, particularly in respect of small transactions like petty expenses.
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Gaurav Seth 4 years ago
Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.
Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc.
Tangible Assets− Assets that have physical existence, i.e., which can be seen and touched, are tangible assets; for example, car, furniture, building, etc.
Intangible Assets− Assets that cannot be seen or touched, i.e. those assets that do not have physical existence, are intangible assets; for example, goodwill, patents, trade mark, etc.
Liquid Assets− Assets that are kept either in cash or cash equivalents are regarded as liquid assets. These can be converted into cash in a very short period of time; for example, cash, bank, bills receivable,Flexible Investments etc.
Fictitious Assets− These are the heavy revenue expenditures, the benefit of whose can be derived in more than one year. They represent loss or expense that are written off over a period of time, for example, if Research and Development expenditure is Rs 1,00,000 for 5 years, then each year Rs 2,00,000 will be written off.
Posted by Sakshi Singhal 4 years ago
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Yogita Ingle 4 years ago
| Government and other regulations | The VAT and other tax liabilities of the firm |
| Management | The potential for pay awards and bonus deals |
| Social responsibility groups | The ethical or environmental activities of the firm |
| Lenders | Whether the firm has a long term future |
| Suppliers and creditors | Profitability and share performance |
| Customers | The ability of the firm to carry on providing a service or producing a product |
Posted by Khushi Patidar 4 years ago
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Gaurav Seth 4 years ago
An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. These are written statements specifying uniform rules and practices for preparing the financial statement.
The objectives of an accounting standard are.
- To guarantee evenness in the development and display of financial statements.
- To provide data to the users about the policies used in the formation of a financial statement
- To eliminate the effect of diverse accounting policies and practices.
- To guarantee uniformity, clarity, and comparability of financial statement
- To enhance the safety and of financial statement
Posted by Khushi Patidar 4 years ago
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Gaurav Seth 4 years ago
Business Entity Concept: The concept of business entity says that a business is a separate entity from its owners. Therefore, for the objective of accounting, the firm and its owners are considered as 2 distinct persons. Hence, when an owner brings in capital into the firm, it is considered as a liability of the business
Posted by Rachana Dwivedi 4 years ago
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Yogita Ingle 4 years ago
When goods are returned to a supplier, a debit note is prepared to represent the difference in the quantity. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.
On the other hand, when goods are received back from the customer, a credit note is sent to him, indicating that the customer’s account has been credited in the books.
Posted by Aman Sharma 4 years ago
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Gaurav Seth 4 years ago
Single Column Cash Book:
In this Cash Book entry and posting are made for purely cash transactions. It has only one amount column in each of the debit and credit sides.
See the design of Single Column Cash Book. It is just like any other ledger account in the T-form.
ADVERTISEMENTS:
In both the debit and credit sides, it has five columns:
(i) Date,
(ii) Particulars,
(iii) Voucher No.,
ADVERTISEMENTS:
(iv) Ledger Folio, and
(v) Amount.
In any other ledger account, there is no Voucher No. column, instead there is Journal Folio column. This is so in the Cash Book because it is also a Journal. Reference must be given here about the evidence of occurrence of the transactions. Amount column gives debit or credit amount as per the nature of the transaction.
Double Column Cash Book:
In this Cash Book entry and posting are made for cash and bank transactions. The design of this Cash Book is like the single column Cash Book except that it has two amount columns on both the debit and credit sides.
Triple Column Cash Book:
In this Cash Book three amount columns are maintained on both the debit and credit sides—the first column is for discount, the second for cash and the third for bank.
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Amit Singh 4 years ago
Yogita Ingle 4 years ago
Any valuable thing which has monetary value and owned by a business, is its asset. In other words, assets are the monetary values of the properties or the legal rights that are owned by the business organisations.
Fixed Assets− These are those assets that are hold for the long term and increase the profit earning capacity and productive capacity of the business. These assets are not meant for sale, for example, land, building machinery, etc.
Current Assets− Assets that can be easily converted into cash or cash equivalents are termed as current assets. These are required to run day to day business activities; for example, cash, debtors, stock, etc.
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