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FinancialStatements

Excellent commerce point > FinancialStatements
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 ,
Accounting Fundamentals
12
Sep

Accounting Fundamentals – CMA Inter Financial Accounting  Question 1.Write short note:(c) Accounting convention of consistency; (Dec 2012, 5 marks)Answer:In order to enable the management to draw important conclusions regarding the working of a company over a number of years it is essential that accounting practices and methods remain unchanged from one accounting period to another. […]

Posted in: CMA updates , ICMAI ,
Tags: Accounting For Beginners , AccountingConcepts , AccountingFundamentals , BasicAccounting , Commerce Students , DebitCredit , FinanceEducation. , FinancialStatements , JournalEntries , LearnAccounting , Ledger , TrialBalance ,