Venkkatesh K Uncategorized Accounting, accounting-terms 0
In Accounting some terms will be having the Synonyms and likewise the Accounting Term Financial Year also having some words like Fiscal Year, Natural Business Year and we will be discussing more about it here. Financial Year As the word says Financial Year mean the information related to Money, or Moneys worth the term Financial […]
Venkkatesh K tally Accounting, faq, tally-tips 0
In Tally.ERP 9 we can record the Advances received from Customer (Customer Advances/Trade Advances/Unearned Revenues) using the Receipt Voucher Type while recording the receipt from the Customer. In the above Balance Sheet we have shown an amount of Rs. 25,000/- as Advances from Customers which shows the worth of the firm where as if you […]
Venkkatesh K tally Accounting, questions-and-answers, tally-tips 3
Usually, Customer Advances are shown in the Balance Sheet of an enterprise to show the business efficiency. So, that firm will get good response from the Inventors and Bankers to attain the Short Term or Long Term Capital. We can create a Ledger Account for Customer Advances in Tally.ERP 9 Accounting Software. We have discussed […]
Venkkatesh K Uncategorized Accounting, accounting-entries, questions-and-answers 0
Advances Receipts is the common practice of every Business and it is seen everywhere in the world. When we want to buy a Car we have to first Look the Car by paying off the Advance amount at Car Show Room. The Car Show Room accountant will have to consider it as an Advance from […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
The Accounting Standards Board of ICAI has issued an announcement called Criteria for Classification of Entities and Applicability of Accounting Standards in which the Board has classified the Entities into three categories based on turnover, borrowing, and other elements, which we have already learned. The ASB of ICAI has shortlisted the Accounting Standards which have […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 5
The Accounting Standards Board of ICAI has issued an announced regarding the Classification of Entities and Applicability of Accounting Standards. In connection with this the ASB has divided the Non Corporate Entities into three Levels and these three are explained in details and the conditions are explained to decide the classification of an Entity. As […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
The Accounting Standards Board of ICAI has classified the Enterprises for the Application of Accounting Standards with the Financial Statements. For which, the ICAI has already issued an announcement called Classification of Entities and Applicability of Accounting Standards and it was notified by the Central Government of India. As per ICAI the Entities are classified […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
Accounting Standards are formulated by the Accounting Standards Board of ICAI to reduce the complications involved in the application of Accounting Principles, As well to improve the comparability of Financial Statements and to promote the transparency and fairness in their presentation. There are certain fiscal policies formulated by Income Tax Department, where Deductions and Exemptions […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
All the concerned Enterprises should present the Items of the Financial Statements as per the Order made by the Court/ Tribunal. On November 17, 2004, the Council of ICAI has announced that if an Item in the Financial Statement of an Enterprise is treated differently, disclosures should be made in the Financial Statements of the […]
Venkkatesh K Uncategorized Accounting, accounting-standards, CA Material, IPCC Group 1 - Paper 1, IPCC Material 0
Accounting Standards are applicable to the Items, which are shown in the Financial Statements of an Enterprise and the Items should be of Material in nature. An item in the Financial Statement is likely considered to be a Material, if it is likely to affect the economic decision of the Enterprise. The Materiality is not […]