Ind AS 40, Investment Property: The objective of Ind AS 40 is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment
Ind AS 116 sets out the principles for the recognition, measurement, presentation, and disclosure of leases and faithful representation of the transactions by lessees and
Double Entry System Advantages and Disadvantages: Any business transaction involves at least two accounts which we call Debit and credit. As said above, the double
Definition of Accounting: Accounting is used by business entities to keep records of their monetary or financial transactions. A businessman who has invested money in
Ind AS 37: The objective of Ind AS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities, and
Accounting Estimates: Earlier, we have learned how to measure a transaction which had already taken place and for which either some value/money has been paid or
Limitations of Accounting, What are the Limitations of Accounting: Accounting is not fully exact: Accounting is influenced by personal judgment in respect of various terms.
Difference between Capital Receipts and Revenue Receipts: Receipts that are not of a revenue nature are capital receipts.The Receipts which are not received now and
Balancing Ledger Accounts: Balancing an account means the process of equalizing the two sides of an account by putting the difference on the side where
Accounting Standard 10 (AS 10) – Accounting for Fixed Assets. The objective of this Standard is to prescribe the accounting treatment for property, plant, and
IndAS 2: The objective of this Standard is to prescribe the accounting treatment for inventories. This Standard provides guidance for determining the cost of inventories
Marginal costing, also known as variable costing, is a cost accounting technique that focuses only on the variable costs associated with producing an additional unit
