Business entity This concept is the very basis of accounting. This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities. The business and personal transactions of its owner are separate. the accounting records are made in the books of accounts from the point of view of the … Read more
Overview Surya Namaskara (Sun Salutation) Surya means ‘sun’ and namaskara means ‘salutation’ or ‘bowing down’. It consist of 12 postures. The regular practice of surya namaskara helps improve blood circulation throughout the body and maintain health, and thereby helps one to remain disease-free. Postures practised during surya namaskara act as a good link between warm-ups … Read more
Cash Flow Statements AS3 Definition-The Standard deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a Cash Flow Statement which classifies cash flows during the period from operating, investing and financing activities. Which companies prepare cash flow statements ? Cash flow is mandatory … Read more
Valuation of Inventories This Standard deals with the determination of value at which inventories are carried in the financial statements, including the ascertainment of cost of inventories and any write-down thereof to net realisable value. What to exclude in inventories as per AS2 definition ? Excluded inventories (not dealt with by AS 2) work in … Read more
Disclosure of Accounting Policies This Standard deals with the disclosure of significant accounting policies which are followed in preparing and presenting financial statements.Disclosure of Accounting Policies To ensure proper understanding of financial statements, it is necessary that all significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed. Such disclosure … Read more