Who Has Formed The Accounting Standard Board? However, the Council of the Institute of Chartered Accountants of India has issued 29 Accounting Standards (AS) so far. Which of the following organizations currently is responsible for establishing and improving standards of financial accounting? The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for
Which Of The Accounts Are Decreased With A Debit And Increased With A Credit? Liabilities. Liability increases are recorded with a credit and decreases with a debit. This is the opposite debit and credit rule order used for assets. By definition, the rules of debits and credits mirror the accounting equation: Assets = Liabilities +
Why Allowance For Bad Debts Is Deducted From Accounts Receivable? The purpose of the allowance for doubtful accounts is to estimate how many customers out of the 100 will not pay the full amount they owe. Rather than waiting to see exactly how payments work out, the company will debit a bad debt expense and
Who Uses Accounting? Users of accounting information are internal and external. External users are creditors, investors, government, trading partners, regulatory agencies, international standardization agencies, journalists and internal users are owners, directors, managers, employees of the company. Who are the users of accounting? Owners/Shareholders. Managers. Prospective Investors. Creditors, Bankers, and other Lending Institutions. Government. Employees. Regulatory
Why Accounting Is Important In Our Daily Life? Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions. How do we use accounting in our daily life?
Who Are The External Users Of Accounting Information? Users of accounting information are internal and external. External users are creditors, investors, government, trading partners, regulatory agencies, international standardization agencies, journalists and internal users are owners, directors, managers, employees of the company. Who are the users of accounting information Why do they need information? Owners –
Why Accounting Is A Process? Accounting is a process that sets out to make sense of the everyday financial transactions that a business will encounter. This process deals with the constant stream of paperwork that usually accompanies every financial transaction, for example invoices received from suppliers for goods the business has bought. Is accounting a
Who Has The Responsibility For The Financial Statements? Who Prepares a Company’s Financial Statements? A company’s management has the responsibility for preparing the company’s financial statements and related disclosures. The company’s outside, independent auditor then subjects the financial statements and disclosures to an audit. Which party has the primary responsibility for the financial statement? The
Where Was The Theatre Of Dionysus Built? Athens Who created Greek Theatre? Thespis Who created theater? In the 6th century BC a priest of Dionysus, by the name of Thespis, introduces a new element which can validly be seen as the birth of theatre. What is the strongest asset of a theater person? Passion and
Which Subject Is Most Important For CA? Actually for chartered accountancy the three main subject sir mathematics law and economics. You should have a knowledge of mathematics which can give you advantage. Which course is best for CA? CS – Company Secretary. CMA – Cost Accountants. CFA – Chartered Financial Analyst. CISA – Certified information