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AccountingBasics

Excellent commerce point > AccountingBasics
Branch Accounting
18
Sep

Branch Accounting – CMA Inter Financial Accounting Question 1.Write short note on:Classification of Branches for Branch accounting purpose. (Dec 2012, 5 marks)Answer: .Branches are classified as two-way,(i) Inland Branch,(ii) Foreign Branch (i) Inland Branches:(a) Dependent Branches: Branches in respect of which the whole of the accounting records are kept at head office.(b) Independent Branches: As […]

Posted in: CMA updates , ICMAI ,
Tags: AccountingBasics , AccountingConcepts , AccountingForBeginners , AccountingLearning , AccountingMadeEasy , BranchAccounting , BranchAccounts , CommerceEducation , CommerceStudents , FinancialAccounting ,
Preparation of Financial Statements from Incomplete Records 
16
Sep

Preparation of Financial Statements from Incomplete Records Question 1.Write short note on the following:Weaknesses of Single Entry System (June 2017, 5 marks)Answer:Weaknesses of single entry system: As principle of double entry is not followed, the trial balance cannot be prepared. As such, arithmetical accuracy cannot be guaranteed. Profit or loss can be found out only […]

Posted in: CMA updates , ICMAI ,
Tags: AccountingBasics , AccountingClasses , AccountingConcepts , AccountsCoaching , AccountsForBeginners , AccountsLearning , AccountsNotes , AccountsPreparation , AccountsTips , BusinessAccounting , CommerceEducation , CommerceStudents , FinancialStatements , IncompleteRecords , SingleEntrySystem ,