Tag: Accounting
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Audit Trail in System Analysis and Design
Introduction of Audit Trail in System Analysis and Design In the realm of System Analysis and Design, the term “Audit Trail” holds substantial importance, acting as a guardian of accountability and transparency. This digital footprint plays a vital role in tracking and recording various system activities, providing a comprehensive record of user actions, alterations, and…
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Subsidiary Company in Accounting
What is a Subsidiary Company in Accounting? Introduction: Subsidiary Company in Accounting delving into the realm of accounting, it’s easy to get lost in the sea of unfamiliar terminology. One such term that often puzzles individuals is “subsidiary company.” Fear not! In this blog article, we will simplify this accounting and provide you with a…
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Impacts of Accounting Services on Businesses
What are the impacts of accounting services on businesses? Introduction of the Impacts of Accounting Services on Businesses In the intricate landscape of modern business, accounting services have evolved into a pivotal force that drives financial stability, strategic decision-making, and overall growth. As businesses strive for excellence and efficiency, partnering with proficient accounting services has…
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Accounting for Fixed Assets
Meaning of Accounting for Fixed Assets Accounting for Fixed Assets means long-term palpable pieces of property that an establishment owns and uses in its operations to induce income. They aren’t anticipated to be consumed or converted into cash within a time. Exemplifications of fixed means include land, structures, ministry, and vehicles. Introduction of Accounting for…
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What is E-waybill
What is E-waybill Introduction A Simple Explanation for Easy Understanding In this article, we will demystify the concept of What is E-waybill and provide you with a clear understanding of what it is and how it works. So, let’s dive in! In the dynamic landscape of modern logistics and transportation, the concept of an E-Waybill…
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TDS in Accounting
Meaning of TDS in Accounting The conception of TDS was introduced with the end of collecting duty from the veritable source of income. As per this conception, a person( deductor) who’s liable to make payment of a specified nature to any other person( deductee) shall abate duty at source and remit the same into the…
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Accrual vs Cash Basis of Accounting
Introduction to Accrual vs Cash Basis of Accounting In the world of financial management, two fundamental methods stand out: the accrual basis of accounting and the cash basis of accounting. These two approaches play a pivotal role in how businesses recognize and record financial transactions. Accurate accounting is the cornerstone of informed decision-making, and choosing…
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Dissolution of Partnership Firm
Dissolution of Partnership Firm, In such a situation, while the prevailing partnership is dissolved, the firm may continue under an equivalent name if the partners so decide. In other words, it’s the outcome of the dissolution of a partnership but not that of the firm. As stated by Section 39 of the Partnership Act 1932,…
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Formation of a company
A company is an artificial legal person i.e. it is a creation of law. It comes into existence when it is registered by following the procedures laid down by the Companies Act, of 2013. Formation of a Company means registering or incorporating a company with the Registrar of Companies in the state where the company’s…
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Types of Companies in Accounting
There are five types of companies in accounting and each one has different categories. Now we explain all separately under the following: 1. On the basis of incorporation a) Statutory company b) Registered Company 2. On the basis of the number of members a) Private Company b) Public Company c) One-person company 3. On the…