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Accounting Process- Subsidiary Books
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
Rectification of errors
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Accounting Process- Subsidiary Books
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
Final Accounts of a Sole proprietorship business part 2
After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
Final Accounts of a Sole proprietorship business part 1
The document discusses the key financial statements prepared for a sole proprietorship business, including the trading account, profit and loss account, and balance sheet. It explains that the trading account shows direct revenues and expenses related to goods sold, while the profit and loss account includes indirect expenses and incomes. Finally, the balance sheet presents the accumulated assets and liabilities of the business over time based on the accounting equation of assets equaling liabilities plus owner's equity.
Depreciation Accounting
Depreciation accounting involves allocating the cost of a fixed asset over its useful life. Common methods for calculating depreciation include straight line, reducing balance, units of production and annuity. The cost basis for depreciation includes expenses for acquisition, installation and commissioning of the asset. Revaluation of assets, upward or downward, affects the depreciation calculation and associated accounting entries.
Contingent Assets & Liabilities
Here we have discussed the Future estimates made by business, the meaning of future probable inflow of benefits i.e. Contingent Assets & future probable obligations i.e. Contingent liabilities . The Disclosure in Accounting of Contingencies (as per Full Disclosure Concept) has been discussed. The difference between Provisions & Contingent liabilities is not to be ignored.
Capital vs revenue transactions
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
Recommended
Accounting Process- Subsidiary Books
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
Rectification of errors
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Accounting Process- Subsidiary Books
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
Final Accounts of a Sole proprietorship business part 2
After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
Final Accounts of a Sole proprietorship business part 1
The document discusses the key financial statements prepared for a sole proprietorship business, including the trading account, profit and loss account, and balance sheet. It explains that the trading account shows direct revenues and expenses related to goods sold, while the profit and loss account includes indirect expenses and incomes. Finally, the balance sheet presents the accumulated assets and liabilities of the business over time based on the accounting equation of assets equaling liabilities plus owner's equity.
Depreciation Accounting
Depreciation accounting involves allocating the cost of a fixed asset over its useful life. Common methods for calculating depreciation include straight line, reducing balance, units of production and annuity. The cost basis for depreciation includes expenses for acquisition, installation and commissioning of the asset. Revaluation of assets, upward or downward, affects the depreciation calculation and associated accounting entries.
Contingent Assets & Liabilities
Here we have discussed the Future estimates made by business, the meaning of future probable inflow of benefits i.e. Contingent Assets & future probable obligations i.e. Contingent liabilities . The Disclosure in Accounting of Contingencies (as per Full Disclosure Concept) has been discussed. The difference between Provisions & Contingent liabilities is not to be ignored.
Capital vs revenue transactions
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
Bank Reconciliation Statement
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
Accounting-A summary
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
Accounting standards
The laws/framework behind the Accounting that explains the Procedure of Accounting in different scenarios, that brings the Uniformity in Accounting i.e Accounting Standards have been discussed. The objectives, benefits & limitations of Accounting standards has also been discussed.
Accounting standards
The document discusses accounting standards in India. It provides definitions, objectives, benefits and limitations of accounting standards. It notes that accounting standards are issued by the Institute of Chartered Accountants of India and are mandatory for companies. It lists 31 accounting standards and provides brief descriptions of some key standards including AS-1 on disclosure of accounting policies, AS-2 on valuation of inventories, AS-3 on cash flow statements, and AS-9 on revenue recognition. It also discusses converged Indian accounting standards (Ind AS) applicable to certain companies.
Accounting standards
Accounting Standards are Rules and Regulation of Financial Accounting set by ICAI (Institute of Chartered Accountant of India) which Cover the Treatment, Recognition, Measurement, Disclosure etc. It include the Objective, Benefits and Limitation of AS (Accounting Standard)
Total 32 Accounting Standards are issued by ICAI.
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Takshila provides a variety of finance and business-related courses through both in-person and virtual formats. It was established in 2009 by professionals from IT, telecom, and education to provide cutting-edge training solutions. Courses include those in finance, accounting, taxation, soft skills, and more for students, professionals, and corporate clients. Takshila aims to help trainees achieve their career goals through qualified faculty and innovative learning approaches like virtual live classes. They strive for excellence through values like ethics, innovation, and passion.
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- The CPA exams are based on real-life case studies, unlike the pattern in India. Appearing again costs 2-3 lakhs. Technical expertise is required to solve simulations.
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USA CPA Traiining
The document provides information about the Certified Public Accountant (CPA) designation, which is the highest accounting qualification in the world administered by the American Institute of Certified Public Accountants. It describes the CPA qualification process, including details about the 4-part Uniform CPA Examination, exam structure and format, and the skills assessed. The document also discusses the career opportunities and benefits of obtaining the CPA designation globally.
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Solved question paper for Management Accounting - Enterprise performance Management for December 2012 exam attempt by CA Vikrant Rathor, faculty at Takshila Learning
AnswersCWA-FR-2012
This document contains solutions to questions on Advance Financial Accounting & Reporting from Takshila Learning Pvt. Ltd. The questions cover various topics like value in use, fair value of plan assets, segment reporting, business combinations, consolidated financial statements, and goodwill calculation. The solutions provide detailed workings and journal entries for the questions.
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India will be implementing its own Indian Accounting Standards (IND AS) instead of fully adopting the International Financial Reporting Standards (IFRS). While IFRS provides good guidelines, some standards do not sufficiently address issues important for developing economies like India. The pending companies bill would resolve tax-related issues by introducing Taxation Accounting Standards. Once the companies bill passes, it will clear up remaining ambiguities around implementing IND AS in India.
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Bank Reconciliation Statement
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
Accounting-A summary
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
Accounting standards
The laws/framework behind the Accounting that explains the Procedure of Accounting in different scenarios, that brings the Uniformity in Accounting i.e Accounting Standards have been discussed. The objectives, benefits & limitations of Accounting standards has also been discussed.
Accounting standards
The document discusses accounting standards in India. It provides definitions, objectives, benefits and limitations of accounting standards. It notes that accounting standards are issued by the Institute of Chartered Accountants of India and are mandatory for companies. It lists 31 accounting standards and provides brief descriptions of some key standards including AS-1 on disclosure of accounting policies, AS-2 on valuation of inventories, AS-3 on cash flow statements, and AS-9 on revenue recognition. It also discusses converged Indian accounting standards (Ind AS) applicable to certain companies.
Accounting standards
Accounting Standards are Rules and Regulation of Financial Accounting set by ICAI (Institute of Chartered Accountant of India) which Cover the Treatment, Recognition, Measurement, Disclosure etc. It include the Objective, Benefits and Limitation of AS (Accounting Standard)
Total 32 Accounting Standards are issued by ICAI.
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The document provides information about the Financial Risk Manager (FRM) certification program, which involves passing two exams to demonstrate knowledge of financial risk management. It details the requirements to obtain the FRM charter, including work experience and education qualifications. Key details are provided around the exam dates and locations, registration fees, course structure and duration, and payment options for an upcoming training program in India to prepare candidates for the FRM exams.
Takshilacorporate presentation
Takshila provides a variety of finance and business-related courses through both in-person and virtual formats. It was established in 2009 by professionals from IT, telecom, and education to provide cutting-edge training solutions. Courses include those in finance, accounting, taxation, soft skills, and more for students, professionals, and corporate clients. Takshila aims to help trainees achieve their career goals through qualified faculty and innovative learning approaches like virtual live classes. They strive for excellence through values like ethics, innovation, and passion.
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The document discusses the Certified Public Accountant (CPA) qualification from the United States. Some key points include:
- The CPA is the highest accounting qualification in the world, similar to the CA qualification in India. It is administered by the American Institute of Certified Public Accountants (AICPA).
- The CPA exams are based on real-life case studies, unlike the pattern in India. Appearing again costs 2-3 lakhs. Technical expertise is required to solve simulations.
- Takshila provides end-to-end support for students pursuing a CPA, including visa assistance, airport pickup, accommodation in the US, and both face-to-face and online classes
Usa cpa prez
1. Just four Exam ,2. 15 Full Days Classes (Only on Sundays), 3. 120hrs of Revision Online Classes is free , 4.) Face to Face or Online Live both mode, 5. Equivalent Qualification to CA, 6.) Highest Accounting Qualification, 7.) Faculty is working with Big4 in US Advisory Service.
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The document describes a training program to help finance and accounting students transition to working in an ERP-based accounting environment. The program covers key finance and accounting concepts, ERP systems and processes like accounts payable, accounts receivable, and record to report. It aims to help candidates gain the skills and knowledge needed to get an entry-level job in companies like multinational corporations or financial outsourcing firms. The training includes hands-on exercises, mock interviews and assessments to evaluate participants and provide certification. The goal is to reduce the gap between academia and industry expectations to benefit both job seekers and employers.
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The document provides information about the Certified Public Accountant (CPA) designation, which is the highest accounting qualification in the world administered by the American Institute of Certified Public Accountants. It describes the CPA qualification process, including details about the 4-part Uniform CPA Examination, exam structure and format, and the skills assessed. The document also discusses the career opportunities and benefits of obtaining the CPA designation globally.
CPA State-wise Requirement List
This document shows citizenship, residency, social security, and international program requirements for various US states and territories. It contains 55 rows listing each state/territory and whether citizenship is required, residency is required, participation in a social security program is required, and if they participate in international programs. The data is sourced from https://www.thiswaytocpa.com.
New CPA Exam Guide
The document summarizes major changes to the Uniform CPA Examination effective January 1, 2011, including introducing a new authoritative literature release and calculator, updating the candidate performance report, revising content outlines, and introducing new question formats like the research task and short Task-Based Simulations to replace long simulations. It provides links to resources on the CPA Exam website for candidates to review changes and prepare.
CWA Final EPM - Question Paper - Dec12
Question paper for Management Accounting - Enterprise performance Management for December 2012 exam attempt.
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Solved question paper for Management Accounting - Enterprise performance Management for December 2012 exam attempt by CA Vikrant Rathor, faculty at Takshila Learning
AnswersCWA-FR-2012
This document contains solutions to questions on Advance Financial Accounting & Reporting from Takshila Learning Pvt. Ltd. The questions cover various topics like value in use, fair value of plan assets, segment reporting, business combinations, consolidated financial statements, and goodwill calculation. The solutions provide detailed workings and journal entries for the questions.
Question Paper 2012 - FR
Question paper for the ICWA final examination of December 2012 for Advance Financial Accounting & Reporting
IFRS in India via IND AS
India will be implementing its own Indian Accounting Standards (IND AS) instead of fully adopting the International Financial Reporting Standards (IFRS). While IFRS provides good guidelines, some standards do not sufficiently address issues important for developing economies like India. The pending companies bill would resolve tax-related issues by introducing Taxation Accounting Standards. Once the companies bill passes, it will clear up remaining ambiguities around implementing IND AS in India.