Suppose you open a book store, so, in common parlance, it would be said that the business is being carried on by you, and you are earning profit or incurring loss. However, Accounting sees it...
CASH FLOW STATEMENT Marks: 8 (Eight) As prescribed by the Accounting standard-3 (AS-3), there are two methods which can be used to prepare cash flow statements: Indirect method Direct method...
I. Journalise the following Transactions – Chapter 4 (Book Examples) Jan 1, 2004 – Saravanan started the business with Rs. 1,00,000. Jan 3, 2004 – Received cash from Balan Rs. 25,000 Feb...
The Verifiable Objective Concept holds that accounting should be free from personal bias. Measurements that are based on verifiable evidences are regarded as objectives. It means all accounting...