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Showing posts from August 8, 2013

ACCOUNTS FOR TALLY PART 3

OBJECTIVES OF ACCOUNTINGTo keep the systematic recordTo settle down the disputesFor the proper classification of various headsTo ascertain the profit and loss of the year For the decision makingTo communicate the necessary information to various usersTo know the financial position of the yearFor the comparative study of :Intra firm comparisionInter firm comparision
RECEIPTSINFLOW OF CASH REVENUE NATUREDCAPITAL NATUREDACCOUNTING CONCEPTS
MONEY MEASUREMENT CONCEPT GOING CONCERN CONCEPT SEPARATE ENTITY ACCOUNTING PERIOD CONCEPT DUAL ASPECT CONCEPT/ACCOUNTING EQUATIONCONCEPT OF CONSERVATISM/CONCEPT OF PRUDENCEMATCHING CONCEPT/ACCRUAL CONCEPTMATERIALITY CONCEPT CONCEPT OF FULL DISCLOSURE COST CONCEPT/HISTORICAL COST CONCEPTCONCEPT OF TIMELINESSCONCEPT OF REVENUE RECOGNITION CONCEPT OF SUBSTANCE OVERFORMCONCEPT OF CONSISTENCY