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Function and scope of the Accounting Standards Board:
The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up such type of standards. The foundation is one of the members of the International Accounting Standards Committee (IASC) and has decided to maintain the purposes of IASC. The Accounting Standards will be subject below the authority of the council. ASB is also accountable for circulate the Accounting Standards and of persuading the disturbed parties for adopting them in the preparation and presentation of financial statements. ASB will subject management quotes on the Accounting Standards and give illumination on issues arising there from. ASB is also accountable for reviewing the Accounting Standards at periodical time.
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
what is meaning by parallel accounts
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
.What method of tax accounting used, Taxation
COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of
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