Category: Academics

ACCRUAL – this is an expense incurred but not yet entered into the double entry bookkeeping system. BAD DEBTS– this is money owing by a customer which either the customer cannot pay or which the customer will not pay and you are unwilling to take steps to force the payment. In short it’s the amount…

Accounting Standards mandatory as on July 01, 2012 AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occurring after the Balance Sheet Date AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in      Accounting Policies AS 6 Depreciation…