Accounting standards, mechanism and disclosure
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This document discusses accounting standards at the international and Indian level. The International Accounting Standards Board issues International Financial Reporting Standards globally. In India, the Institute of Chartered Accountants of India establishes accounting principles and standards through the Accounting Standards Board. There are currently 31 accounting standards in India that will soon be adapted to align with IFRS. The document also outlines the need for accounting standards, features of accounting disclosures, and accounting mechanisms such as single and double entry bookkeeping.
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Promissory note ppt, negotiable instrument act.
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STRUCTURE
1.0 Objectives
1.1 Introduction
1.2 Meaning of Negotiable Instruments
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1.4 Presumptions as to negotiable instrument
1.5 Types of negotiable Instrument
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1.5.3 Cheques
1.5.4 Hundis
1.6 Parties to negotiable instruments
1.6.1 Parties to Bill of Exchange
1.6.2 Parties to a Promissory Note
1.6.3 Parties to a Cheque
1.7 Negotiation
1.7.1 Modes of negotiation
1.8 Assignment
1.8.1 Negotiation and Assignment Distinguished
1.8.2 Importance of delivery in negotiation
1.9 Endorsement
1.10 Instruments without Consideration
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Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Foreign investments &; foreign collaborations
Foreign investment and foreign collaboration provide capital and technology that can help developing countries. Foreign investment comes in the forms of foreign direct investment, like wholly owned subsidiaries, and portfolio investment, like investments in stocks. It brings benefits like increased investment and exports, but also risks like distorting domestic development. India has pursued policies since the 1940s to attract foreign capital while regulating it. The 1991 reforms liberalized many industries and incentives to attract more foreign technology and investment. Further reforms are still needed to improve infrastructure, skills, and the business environment to maximize the benefits of foreign investment.
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The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be accountable to one another and provide complete information of all the aspects of the firm , to any other partner or their legal representatives.
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Each partner shall indemnify the firm for any loss that occurred due to a fraud, in the conduct of the business.
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Contract Definition
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1. Allotment refers to the acceptance of an offer to purchase shares. For allotment to be valid, certain requirements must be met including delivery of a prospectus to regulators, minimum application amounts, and minimum subscription levels being received.
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Promissory note ppt, negotiable instrument act.
NEGOTIABLE INSTRUMENTS ACT, 1881
STRUCTURE
1.0 Objectives
1.1 Introduction
1.2 Meaning of Negotiable Instruments
1.3 Characteristics of a negotiable instrument
1.4 Presumptions as to negotiable instrument
1.5 Types of negotiable Instrument
1.5.1 Promissory notes
1.5.2 Bill of exchange
1.5.3 Cheques
1.5.4 Hundis
1.6 Parties to negotiable instruments
1.6.1 Parties to Bill of Exchange
1.6.2 Parties to a Promissory Note
1.6.3 Parties to a Cheque
1.7 Negotiation
1.7.1 Modes of negotiation
1.8 Assignment
1.8.1 Negotiation and Assignment Distinguished
1.8.2 Importance of delivery in negotiation
1.9 Endorsement
1.10 Instruments without Consideration
1.11 Holder in Due Course
dissolution of partnership firm
Dissolution of a partnership firm can occur in several circumstances:
1) When the term of the partnership expires or the particular venture is completed.
2) Upon the death, insolvency, or retirement of a partner.
3) When the court orders dissolution due to a partner's misconduct, transfer of their interest without consent, disability, or if continuing the business would result in losses.
Dissolution of a partnership ends the legal agreement between partners, while dissolution of a partnership firm ends the business entirely through settling assets/liabilities and discontinuing operations.
Forfeiting
Forfeiting is the process of purchasing a company's export receivables at a discount for cash. It involves an exporter selling its receivables from export sales to a forfeiting company, which then receives payment from the importer. This converts deferred export payments into immediate cash for the exporter, while absorbing the risks normally borne by exporters such as political and currency risk. Forfeiting provides exporters with liquidity and freedoms them from credit administration and risk, while absorbing the importer's risk for the forfeiting company in exchange for a discount on the receivables.
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The document discusses the key aspects of a Memorandum of Association (MOA) for a private company formed by Niraj and Seema Mishra in Mumbai to run a restaurant. It outlines their company name as Mishra Private Limited, registered office in Maharashtra, main objective as running restaurants, ancillary objectives like opening bank accounts and hiring vehicles, liability of members being limited, initial authorized capital of Rs. 20 lakhs with Niraj contributing Rs. 2 lakhs and Seema contributing Rs. 10,000. It provides a format for recording the initial subscribers.
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The document discusses the residential status and tax liability of individuals and entities in India. It defines the basic conditions to determine if a person is a resident, ordinary resident, or non-resident based on the number of days spent in India. An ordinary resident's total income and tax liability is the highest, including both Indian and foreign income. A non-resident's total income and tax liability is based only on Indian income. The residential status of entities like HUF, companies, firms, and AOP is also determined based on the control and management of their affairs being within or outside of India.
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Management's Legal Aspect -Indian Contract Act 1872
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3. Financial accounting provides information to external users like investors and regulators, while management accounting informs internal decision making. Both require adherence to generally accepted accounting principles (GAAP) for consistency and accuracy.
Basics of accounting
Introduction, Accounting as an Information System, Branches of Accounting, Meaning of Financial Accounting, Users of Accounting Information- GAAPS- Basic Concepts and Conventions- Accounting Standards issued by ICAI and IFRS issued by IASB- Manual Vs Computerized Accounting.
Introduction of accounting_2016_09_24_05_08_16_467
The document provides an introduction to accounting, including its meaning, definitions, objectives, and essential aspects. Accounting is defined as the process of recording, classifying, summarizing, and communicating financial information. The key objectives are to systematically record transactions, determine financial results, assess financial position, and provide information to users. Essential aspects include recording, classifying, summarizing, analyzing, interpreting, and communicating financial data. The document also discusses the accounting cycle and basic accounting concepts such as assets, liabilities, capital, income, and expenses.
Introduction of accounting
The document provides an introduction to accounting, including its meaning, definitions, objectives, and essential aspects. Accounting is defined as the process of recording, classifying, summarizing, and communicating financial information. The key objectives are to systematically record transactions, determine financial results, assess financial position, and provide information to users. Essential aspects include recording, classifying, summarizing, analyzing, interpreting, and communicating financial data. The document also discusses the accounting cycle and key accounting concepts such as assets, liabilities, capital, income, and expenses.
1. intro to financial accounting mba
This document provides an introduction to accounting, including definitions, key concepts, and the different branches. It defines accounting as the process of recording, classifying, summarizing and communicating financial information. The main functions of accounting are to record transactions, classify data, summarize, interpret results and communicate them. There are three main branches - financial accounting focuses on external reporting, cost accounting provides cost data, and management accounting assists with decision making.
Accounting and Finance
Mahatma Gandhi University provides presentation for " Accounting & Finance" .For more Information about "Accounting & Finance". Visit Online: http://www.mgu.edu.in/
Financial accounting -(GAAP,IFRS,ACCOUNTING STANDARD)
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
Introduction to Accounting
What Is Accounting?
Features of Accounting?
Book Keeping & Accounting
Users of Financial Statements
Branches of Accounting
Objective And Limitation of Accountancy
Terms in Accounting
Book Keeping.pptx
Bookkeeping records and organizes financial data of a business on a regular basis, such as monthly or quarterly, while accounting provides oversight of accounts and produces financial statements and tax returns in compliance with law. Accountants will review and adjust bookkeeper entries and help make informed business decisions. Accounting is the recording, classifying, summarizing and interpretation of financial transactions and events to provide information to assess results and financial position of a business.
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Introduction of accounting_2016_09_24_05_08_16_467
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Financial accounting -(GAAP,IFRS,ACCOUNTING STANDARD)
Financial accounting -(GAAP,IFRS,ACCOUNTING STANDARD)
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Accounting standards, mechanism and disclosure
- 1. Accounting Standards and Mechanism and Disclosure.
- 2. Accounting standards A selected set of accounting policies or guidelines which are issued by a governing body.
- 3. Accounting standards at International and Indian level IASC-INTERNATIONAL ACCOUNTING STANDARDS COUNCIL NOW NAMED AS IASB-INTERNATIONAL ACCOUNTING STANDARDS BOARD FROM YEAR 2001.THE STANDARDS BEING ISSUED BY THIS BOARD ARE KNOWN AS INTERNATIONAL ACCOUNTING STANDARDS(IAs),which are 41 in total, now are being converted into IFRS- INTENATIONAL FINANCIAL REPORTING STANDARDS.
- 4. In INDIA the ICAI- INSTITUTE OF CHARTERED ACCOUNTATNTS OF INDIA is working as an apex institute for establishing the accounting principles and guidelines. The formulation of the standards is done through ASB- ACCOUNTING STANDARD BOARDS as a functionary of ICAI which was established in year 1977. There are 31 accounting standards in India till date. These are soon to be adapted as IFRS.
- 5. Need for accounting standards Removal of confusing variations. Uniform presentation of accounts. Avoidance of manipulation. Globalized business. Disclosure beyond law.
- 6. Accounting disclosure Accounting disclosure means the disclosure of complete accounting information which have any kind of direct or indirect impact upon the users of the accounting information..
- 7. Features of accounting disclosures Full disclosure. Informative. Accurate. Helpful to both internal and external users. Helpful in any kind of analysis.
- 8. Accounting mechanism Single entry Desi Nama Double entry Equities=assets owner 'equity + creditors’ equity= assets Capital+ Liabilities= assets
- 9. Features ,advantages and disadvantages of double entry book keeping Features Two parties Two sides Equal amount Recording Advantages Complete Financial position Finding out the tax liabilities Analysis of data Disadvantages Expert knowledge is required Lengthy expensive
- 10. Journal French word jour- day Day book Book of original entry Chronological order Subsidiary to ledger Narration Relation between debit and credit Identification of transaction
- 11. Source document Invoice Cash receipt Counter foil of pay in slip Cheque Cash memo
- 12. Columns of journal Date Particulars Ledger folio Debit amount Credit amount From is used as to Narration
- 13. Journalizing The process of entering the transaction in the journal is known as journalizing. Benefits Process of journalizing