Provisions in Accounting

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Provisions in Accounting

ContentsMeaning of Provisions in AccountingWhat are Provisions in AccountingKey of Provisions in AccountingImportance of ProvisionsProvisions in Accounting worksTypes of Provisions in AccountingHow to Recognize Provisions in AccountingRequirements for Creating ProvisionsRecording of ProvisionsExamples of Provisions in AccountingConclusion Meaning of Provisions in Accounting Meaning of Provision in Accounting, Some business charges run like clockwork. You know exactly … Read more

Income Tax in India

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Income Tax in India

ContentsMeaning of Income TaxWho needs to pay Income Tax?What are Income Tax Slab Rates?Income Tax Slab for IndividualsIncome Tax Slab for BusinessesFor Firms and Domestic Companies:Filing Returns is MandatoryAvoiding PenaltiesWhat are the different Types of Taxable Income?Advantages of Filing Income Tax Return (ITR)Filing Income Tax ReturnsE-filing Income TaxDeductions allowed under various SectionsAbout Income Tax RebateDifference … Read more

TDS in Accounting

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TDS

ContentsMeaning of TDS in AccountingRates of TDS in AccountingRates for tax deduction at source* Meaning of TDS in Accounting The conception of TDS was introduced with the end to collecting duty from the veritable source of income. As per this conception, a person( deductor) who’s liable to make payment of specified nature to any other … Read more

Financial Statements of a Company

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Financial Statements of a Company

ContentsMeaning of Financial StatementsNature of Financial Statements1. Recorded Facts:2. Accounting Conventions:3. Assumptions: 4. Personal Judgements:Objectives of Financial StatementsTypes of Financial StatementsImportant Features of PresentationUses and Importance of Financial StatementsLimitations of Financial StatementsSummary Meaning of Financial Statements Financial statements of a Company are the introductory and formal periodic reports through which the commercial operation communicates fiscal information … Read more

Operating Costs in Accounting

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Operating Costs in Accounting

ContentsMeaning of Operating Costs in AccountingExamples of Operating CostingFeatures of Operating CostingAdvantages of Operating CostingDisadvantages of Operating CostingUsers of Operating Costing Meaning of Operating Costs in Accounting Operating costs in accounting are the charges that are related to the operation of a business, or to the operation of a device, element, piece of outfit or … Read more

Methods of Costing in Accounting

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Methods of Costing in Accounting

ContentsMethods of Costing in AccountingMethods of Costing1. Unit Costing2. Job Costing3. Contract Costing4. Batch Costing5. Operating Costing6. Process Costing7. Multiple Costing8. Uniform Costing Methods of Costing in Accounting Methods of Costing in Accounting or value accounting is a department of accounting that offers recording classifying and suitable allocation of expenditure to decide the value of … Read more

Accrual vs Cash Basis of Accounting

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Accrual vs Cash Basis of Accounting

ContentsAccrual vs Cash Basis of Accounting• Asset, Liabilities, & Shareholder’s equity• Revenue & expensesThe Accounting EquationDebits and CreditsJournal EntriesHow to approach Journal Entries Accrual vs Cash Basis of Accounting Accrual vs Cash Basis of Accounting- In order to duly apply for bookkeeping, companies need to first choose the accounting system they will follow. Companies can … Read more

Difference between cryptocurrency and digital currency

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Difference between cryptocurrency and digital currency

ContentsDIGITAL CURRENCYCRYPTOCURRENCYDIGITAL CURRENCY IN INDIA DIGITAL CURRENCY Digital currency is essentially an electronic form of currency issued by the government while cryptocurrency is a repository of value, which is protected by encryption. Cryptocurrencies are called digital assets while digital currencies are not digital assets. The digital wallets that people started using, especially during the pandemic, … Read more

Profitability Accounting Ratios

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Profitability Accounting Ratios

ContentsWhat are Profitability Accounting Ratios?1. Gross Profit Ratio2. Operating Ratio3. Operating profit ratio4. Net profit ratio5. Return on Investment (ROI) or Return on Capital Employed (ROCE)6. Return on Net Worth (RONW)7. Earnings per share8. Book value per share9. Dividend payout ratio10. Price earning ratio What are Profitability Accounting Ratios? The profitability accounting ratios or fiscal … Read more

Accounting Ratios

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Accounting Ratios

ContentsWhat is an Accounting Ratios?Objectives of Accounting Ratios AnalysisAdvantages of Accounting Ratio Analysis1. Helps to understand the efficacy of decisions2. Simplify complex numbers and establish connections3. Helpful in relative analysis4. Relating of problem areas5. Enables Geek analysis6. Colorful comparisonsLimitations of Accounting Ratios Analysis1. Limitations of Accounting Data2. Ignores Price- position Changes3. Ignore Qualitative or Non-monetary … Read more