Integrated or Integral Accounting System Integrated Accounts is the name given to a system of accounting, whereby cost and financial accounts are kept in the same set of books. Obviously, then there will be no separate sets of books for…
Following are the records maintained for inventory management Purchase Requisition NoteIndentGoods Receipt NoteJob Order (In/Out)Material Issue NoteMaterial Return NoteProduction ReportDelivery NoteRejection InwardRejection Outward
The accounting method that a company decides to use to determine the costs of inventory can directly impact the balance sheet, income statement and statement of cash flow. There are three inventory-costing methods that are widely used by both public…
1.1. Journaling The process of analysing the business transactions under the heads of debit and credit and recording them in the Journal is called Journalising. An entry made in the journal is called a ‘Journal Entry’. 1.2. Posting (to Ledger) The process…
1. Double Entry System There are numerous transactions in a business concern. Each transaction, when closely analysed, reveals two aspects. One aspect will be “receiving aspect” or “incoming aspect” or “expenses/loss aspect”. This is termed as the “Debit aspect”. The…
All India Tally Commerce Aptitude Test (TCAT) is conducted by Master Accountants Club on behalf of Tally Education for commerce students to enhance their commerce and accounting skills. Master Accountants Club, is an an authorised Tally Education Partner, conduct this…
We have conducted our first workshop on Accountancy for accountants who is looking for enhanced knowledge on business accountancy and advanced accounting principles
International Financial Reporting Standards, usually called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across…
Accounting Standard for Local Bodies (ASLB) 20, ‘Related Party Disclosures’Accounting Standard for Local Bodies (ASLB) 2, ‘Cash Flow Statements’Preface to the Accounting standard for Local BodiesAccounting Standard for Local Bodies (ASLB) 1, ‘Presentation of Financial Statements’Accounting Standards for Local Bodies (ASLB) 3, ‘Accounting…