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Capitalization is a term which has different meanings in both financial and accounting context. Capitalization in accounting means the cost to buy an asset which is included in the price of the asset WHEREAS in financial terms it is the cost which is required to buy an asset which includes price of a PARTICULAR asset and it also include the retained earnings of a company with stock debt and long term debt.

There are TWO kinds of capitalization which are called as Over-capitalization and another is called as Under-capitalization. Capitalization is very import aspect in determining the value of the company in the market which is BASED on the economic structure of the company. This aspect depends on the previous records and economics of the company. This also shows a particular BEHAVIOUR of the companies' structure and allows them to create a plan to do the marketing.

Capitalization is a term which has different meanings in both financial and accounting context. Capitalization in accounting means the cost to buy an asset which is included in the price of the asset whereas in financial terms it is the cost which is required to buy an asset which includes price of a particular asset and it also include the retained earnings of a company with stock debt and long term debt.

There are two kinds of capitalization which are called as Over-capitalization and another is called as Under-capitalization. Capitalization is very import aspect in determining the value of the company in the market which is based on the economic structure of the company. This aspect depends on the previous records and economics of the company. This also shows a particular behaviour of the companies' structure and allows them to create a plan to do the marketing.

In this system, expenses and incomes are considered during that period to which they PERTAIN. This system of accounting is considered to be IDEAL but it may result into unrealized profits which might reflect in the books of the accounts on which the ORGANIZATION have to pay taxes too. All the COMPANY forms of organization are LEGALLY required to follow Mercantile or Accrual System of Accounting.

In this system, expenses and incomes are considered during that period to which they pertain. This system of accounting is considered to be ideal but it may result into unrealized profits which might reflect in the books of the accounts on which the organization have to pay taxes too. All the company forms of organization are legally required to follow Mercantile or Accrual System of Accounting.

1) Financial Accounting protects the interests of the outsiders DEALING with the ORGANIZATION e.g shareholders, creditors etc. Whereas reports of Cost Accounting is used for the internal purpose by the management to enable the same in discharging VARIOUS functions in a proper manner.

2) Maintenance of Financial Accounting records and preparation of financial statements is a legal requirement whereas Cost Accounting is not a legal requirement. 

3) Financial Accounting is concerned about the calculation of profits and state of affairs of the organization as whole whereas Cost accounting deals in cost ascertainment and calculation of profitability of the individual products, departments etc. 

4) Financial Accounting considers only transactions of historical financial nature whereas Cost Accounting considers not only historical data but also future events.

5) Financial Accounting reports are prepared in the standard formats in accordance with GAAP whereas Cost accounting information is reported in whatever form management wants.

1) Financial Accounting protects the interests of the outsiders dealing with the organization e.g shareholders, creditors etc. Whereas reports of Cost Accounting is used for the internal purpose by the management to enable the same in discharging various functions in a proper manner.

2) Maintenance of Financial Accounting records and preparation of financial statements is a legal requirement whereas Cost Accounting is not a legal requirement. 

3) Financial Accounting is concerned about the calculation of profits and state of affairs of the organization as whole whereas Cost accounting deals in cost ascertainment and calculation of profitability of the individual products, departments etc. 

4) Financial Accounting considers only transactions of historical financial nature whereas Cost Accounting considers not only historical data but also future events.

5) Financial Accounting reports are prepared in the standard formats in accordance with GAAP whereas Cost accounting information is reported in whatever form management wants.

Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements. These financial statements are basically of two types: First is Profitability Statement or Profit and Loss Account and second is Balance Sheet.

Following are the characteristics features of Financial Accounting:

1) Monetary Transactions: In financial accounting only transactions in monetary terms are considered. Transactions not expressed in monetary terms do not FIND any place in financial accounting, howsoever important they may be from business point of view.

2) Historical Nature: Financial accounting CONSIDERS only those transactions which are of historical nature i.e the transaction which have already TAKEN place. No futuristic transactions find any place in financial accounting, howsoever important they may be from business point of view.

3) Legal Requirement: Financial accounting is a legal requirement. It is necessary to maintain the financial accounting and prepare financial statements there from. It is also obligatory to get these financial statements audited.

4) External Use: Financial accounting is for those people who are not part of decision MAKING process regarding the organization like investors, customers, suppliers, financial INSTITUTIONS etc. Thus, it is for external use.

5) Disclosure of Financial Status: It discloses the financial status and financial performance of the business as a whole.

6) Interim Reports: Financial statements which are based on financial accounting are interim reports and cannot be the final ones.

7) Financial Accounting Process: The process of financial accounting gets affected due to the different accounting policies followed by the accountants. These accounting policies differ mainly in two areas: Valuation of inventory and Calculation of depreciation.

Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements. These financial statements are basically of two types: First is Profitability Statement or Profit and Loss Account and second is Balance Sheet.

Following are the characteristics features of Financial Accounting:

1) Monetary Transactions: In financial accounting only transactions in monetary terms are considered. Transactions not expressed in monetary terms do not find any place in financial accounting, howsoever important they may be from business point of view.

2) Historical Nature: Financial accounting considers only those transactions which are of historical nature i.e the transaction which have already taken place. No futuristic transactions find any place in financial accounting, howsoever important they may be from business point of view.

3) Legal Requirement: Financial accounting is a legal requirement. It is necessary to maintain the financial accounting and prepare financial statements there from. It is also obligatory to get these financial statements audited.

4) External Use: Financial accounting is for those people who are not part of decision making process regarding the organization like investors, customers, suppliers, financial institutions etc. Thus, it is for external use.

5) Disclosure of Financial Status: It discloses the financial status and financial performance of the business as a whole.

6) Interim Reports: Financial statements which are based on financial accounting are interim reports and cannot be the final ones.

7) Financial Accounting Process: The process of financial accounting gets affected due to the different accounting policies followed by the accountants. These accounting policies differ mainly in two areas: Valuation of inventory and Calculation of depreciation.

There are two systems of Accounting:

1) Cash System of Accounting: This system records only cash receipts and payments. This system assumes that there are no credit transactions. In this system of accounting, expenses are considered only when they are paid and incomes are considered when they are actually received. This system is used by the organizations which are established for non profit purpose. But this system is considered to be defective in nature as it does not show the actual profits earned and the CURRENT state of affairs of the organization.

2) Mercantile or ACCRUAL System of Accounting: In this system, expenses and incomes are considered during that period to which they PERTAIN. This system of accounting is considered to be ideal but it may result into UNREALIZED profits which might reflect in the books of the accounts on which the organization have to pay taxes too. All the COMPANY forms of organization are legally required to follow Mercantile or Accrual System of Accounting.

There are two systems of Accounting:

1) Cash System of Accounting: This system records only cash receipts and payments. This system assumes that there are no credit transactions. In this system of accounting, expenses are considered only when they are paid and incomes are considered when they are actually received. This system is used by the organizations which are established for non profit purpose. But this system is considered to be defective in nature as it does not show the actual profits earned and the current state of affairs of the organization.

2) Mercantile or Accrual System of Accounting: In this system, expenses and incomes are considered during that period to which they pertain. This system of accounting is considered to be ideal but it may result into unrealized profits which might reflect in the books of the accounts on which the organization have to pay taxes too. All the company forms of organization are legally required to follow Mercantile or Accrual System of Accounting.

This system records only cash receipts and payments. This system assumes that there are no CREDIT transactions. In this system of ACCOUNTING, expenses are considered only when they are paid and INCOMES are considered when they are actually RECEIVED. This system is used by the organizations which are established for non profit purpose. But this system is considered to be defective in nature as it does not show the actual profits earned and the current state of affairs of the organization.

This system records only cash receipts and payments. This system assumes that there are no credit transactions. In this system of accounting, expenses are considered only when they are paid and incomes are considered when they are actually received. This system is used by the organizations which are established for non profit purpose. But this system is considered to be defective in nature as it does not show the actual profits earned and the current state of affairs of the organization.

Cost accountancy is the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost CONTROL and the ascertainment of profitability as well as the presentation of INFORMATION for the purpose of managerial decision making.

Following are the objects of Cost Accountancy:

► Ascertainment of Cost and Profitability
► Determining Selling Price
► FACILITATING Cost Control
► Presentation of information for effective managerial decision
► PROVIDE basis for operating policy
► Facilitating preparation of financial or other STATEMENTS.

Cost accountancy is the application of costing and cost accounting principles, methods and techniques to the science, art and practice of cost control and the ascertainment of profitability as well as the presentation of information for the purpose of managerial decision making.

Following are the objects of Cost Accountancy:

► Ascertainment of Cost and Profitability
► Determining Selling Price
► Facilitating Cost Control
► Presentation of information for effective managerial decision
► Provide basis for operating policy
► Facilitating preparation of financial or other statements.

Speak confidently when answering QUESTIONS where success is the subject. You do not have to gush and DESCRIBE every possible aspect you can think of. Talk about a few key concepts, like communication and negotiation skills, market research and customer prospecting, etc. You will make an even BETTER impression if you give an example from your own professional life to demonstrate your IDEA.

Speak confidently when answering questions where success is the subject. You do not have to gush and describe every possible aspect you can think of. Talk about a few key concepts, like communication and negotiation skills, market research and customer prospecting, etc. You will make an even better impression if you give an example from your own professional life to demonstrate your idea.

Tally is a financial accounting software package DESIGNED by Tally Solutions MAINLY for small BUSINESSES and SHOPS. They claim on their website that Tally is used by over 2 million users, in over 90 countries. Tally 9.0 is the latest version to DATE.

Tally is a financial accounting software package designed by Tally Solutions mainly for small businesses and shops. They claim on their website that Tally is used by over 2 million users, in over 90 countries. Tally 9.0 is the latest version to date.

Departmental accounting means account prepared SEPARATELY for the DEPARTMENT and here ledgers will be OPENED trial balance will be prepared, also p&l account will be prepared, and profit or LOSS is INCLUDED in the main p&l account and shown in the balance sheet.

Departmental accounting means account prepared separately for the department and here ledgers will be opened trial balance will be prepared, also p&l account will be prepared, and profit or loss is included in the main p&l account and shown in the balance sheet.

Dormant ACCOUNTS are those accounts in which there are transactions in the recent history (the STIPULATION MAY VARY ACCORDING to the company's rules). Inactive accounts are those accounts in which transactions are being made for long time.

Dormant accounts are those accounts in which there are transactions in the recent history (the stipulation may vary according to the company's rules). Inactive accounts are those accounts in which transactions are being made for long time.

Generally speaking, it is important to do RESEARCH on a REGULAR basis in RELATION to every individual CLIENT or category of clients. Effective research assesses current SITUATIONS to project future developments and opportunities for the company. It studies competitors and proposes improvements.

Generally speaking, it is important to do research on a regular basis in relation to every individual client or category of clients. Effective research assesses current situations to project future developments and opportunities for the company. It studies competitors and proposes improvements.

Dual aspect concept: Each transaction has two SIDES. Example: when you buy a SHIRT, then shirt COMES to you while cash leaves you similarly if you sell the same shirt to anyone then cash comes to you while shirt leaves you. Recording both aspects of coming and going is called dual aspect concept.

Dual aspect concept: Each transaction has two sides. Example: when you buy a shirt, then shirt comes to you while cash leaves you similarly if you sell the same shirt to anyone then cash comes to you while shirt leaves you. Recording both aspects of coming and going is called dual aspect concept.

In perpetual INVENTORY SYSTEM, the inventory account is ADJUSTED continually throughout the accounting PERIOD.

Whereas in the Periodic Inventory System: - Recording inventory transactions periodically than recording them continually.

In perpetual inventory system, the inventory account is adjusted continually throughout the accounting period.

Whereas in the Periodic Inventory System: - Recording inventory transactions periodically than recording them continually.

All accounting should be creative accounting. It's not just a matter of crunching numbers. It's about making sure those numbers work as best they can. A good accountant isn't AFRAID to be creative. He or she comes up with innovative SOLUTIONS to MAKE the numbers work.

All accounting should be creative accounting. It's not just a matter of crunching numbers. It's about making sure those numbers work as best they can. A good accountant isn't afraid to be creative. He or she comes up with innovative solutions to make the numbers work.

Material FACT in accounting is that we make entry of EVERY material thing LIKE stationary etc but that should be in terms of MONEY.

Material fact in accounting is that we make entry of every material thing like stationary etc but that should be in terms of money.

'Dr' means Debere in Latin STANDS for 'what comes in' or in SIMPLE words whatever assets the business owns or the EXPENSES it has to pay comes under DEBIT.

While 'cr' means credere in Latin means 'what goes out', in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.

'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever assets the business owns or the expenses it has to pay comes under debit.

While 'cr' means credere in Latin means 'what goes out', in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.

TDS either can be deducted by other on payment/income we receive or we DEDUCT on paymnet/expenditure we MAKE to others.

In FIRST instance TDS will be shown in Assets side in BALANCE sheets under current assets and in second instance TDS will be shown in balance sheet under current liability.

TDS is part of advance TAX for the deductee while for deductor its current liability.

TDS either can be deducted by other on payment/income we receive or we deduct on paymnet/expenditure we make to others.

In first instance TDS will be shown in Assets side in balance sheets under current assets and in second instance TDS will be shown in balance sheet under current liability.

TDS is part of advance tax for the deductee while for deductor its current liability.

Public accounting includes any accounting work that a company performs for another company. Examples WOULD be audits, tax compliance, consulting, etc. The "BIG 4" (KPMG, Deloitte & Touch?PRICE Waterhouse Coopers, and Ernst & Young) are the dominant FIRMS that provide public accounting services.

Private accounting is accounting work that is DONE for your own company. Every company has some form of an internal accounting department and those employees would be considered private accountants.

Public accounting includes any accounting work that a company performs for another company. Examples would be audits, tax compliance, consulting, etc. The "Big 4" (KPMG, Deloitte & Touch?Price Waterhouse Coopers, and Ernst & Young) are the dominant firms that provide public accounting services.

Private accounting is accounting work that is done for your own company. Every company has some form of an internal accounting department and those employees would be considered private accountants.

<P>These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these ITEMS are shown on assets SIDE of BALANCE sheet to be written off to P&L account in reasonable years.

These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years.

Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service PROVIDER.

EX: Servicing a Vehicle, Delivering goods, OUTSOURCING agencies. etc.

Excise DUTY is also a form of Indirect Tax but this is IMPOSED on Goods or manufacturing Items.

Ex: Steel, Cement, dress Materials, etc

Service Tax is a Indirect Tax which is levied on Service. The Service receiver will pay to the service provider.

Ex: Servicing a Vehicle, Delivering goods, outsourcing agencies. etc.

Excise Duty is also a form of Indirect Tax but this is imposed on Goods or manufacturing Items.

Ex: Steel, Cement, dress Materials, etc

A BANK reconciliation statements are prepared if balance of bank ACCOUNT as shown in cashbook differs from balance as shown in PASSBOOK. This statement shows the reasons or transactions because of which BALANCES as shown in cashbook and passbook are not tallying with each other.

A Bank reconciliation statements are prepared if balance of bank account as shown in cashbook differs from balance as shown in passbook. This statement shows the reasons or transactions because of which balances as shown in cashbook and passbook are not tallying with each other.

One of the main disadvantages of the system is that it only works under some quite strict requirements. If these are not MET, the system will BECOME unbalanced and may be quite unusable, or a nightmare to maintain.

Standard costs must be reliably estimated and variances kept to a minimum. The premise of the system is that a sale triggers the manufacturing process, therefore buildup of work in progress or finished goods NEEDS to be avoided Another drawback is that detailed information for management purposes may not be available where needed, and the production control therefore needs to be all the stronger. The cost accounts used in back-flush accounting may be more difficult to reconcile to FINANCIAL accounts needed for REPORTING.

One of the main disadvantages of the system is that it only works under some quite strict requirements. If these are not met, the system will become unbalanced and may be quite unusable, or a nightmare to maintain.

Standard costs must be reliably estimated and variances kept to a minimum. The premise of the system is that a sale triggers the manufacturing process, therefore buildup of work in progress or finished goods needs to be avoided Another drawback is that detailed information for management purposes may not be available where needed, and the production control therefore needs to be all the stronger. The cost accounts used in back-flush accounting may be more difficult to reconcile to financial accounts needed for reporting.

Accounting Standards are formulated with a view to harmonise different accounting POLICIES and PRACTICES in use in a country. The objective of Accounting Standards is, therefore, to reduce the accounting alternatives in the PREPARATION of financial statements within the bounds of rationality, there by ensuring COMPARABILITY of financial statements of different enterprises with a view to provide meaningful information to various users of financial statements to enable them to make informed economic decisions.ICAI issued a total of 33 accounting standards.

Accounting Standards are formulated with a view to harmonise different accounting policies and practices in use in a country. The objective of Accounting Standards is, therefore, to reduce the accounting alternatives in the preparation of financial statements within the bounds of rationality, there by ensuring comparability of financial statements of different enterprises with a view to provide meaningful information to various users of financial statements to enable them to make informed economic decisions.ICAI issued a total of 33 accounting standards.

Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to COMMUNICATE economic information about businesses and other organization to various stakeholders including government, investors, shareholders, suppliers, LENDERS, customers, and the public. These stakeholders use such information to take decisions and to assess the stewardship of people appointed to manage such organizations. If this information were not of a high quality standard, then the stakeholders would be unable to take effective decisions that will benefit them. For example, if a financial report were MANIPULATED to show higher profits, investors would hold on to their shares with the belief that the company is doing well.

Accounting standards CAME to be developed from the mid sixties onwards to promote the integrity of the accounting profession by way of ensuring uniformity in the way accountants report transactions in their books and in their preparation of the final accounts of businesses. This is largely aimed at boosting the confidence of stakeholders, particularly shareholders and potential investors in the accounting profession.

Good and useful information should have the essential characteristics of understandability, comparability, relevance, and reliability in order to PLAY its role effectively.

Accounting standards serve to promote the understandability, comparability, relevance, and reliability of financial reports.

Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders including government, investors, shareholders, suppliers, lenders, customers, and the public. These stakeholders use such information to take decisions and to assess the stewardship of people appointed to manage such organizations. If this information were not of a high quality standard, then the stakeholders would be unable to take effective decisions that will benefit them. For example, if a financial report were manipulated to show higher profits, investors would hold on to their shares with the belief that the company is doing well.

Accounting standards came to be developed from the mid sixties onwards to promote the integrity of the accounting profession by way of ensuring uniformity in the way accountants report transactions in their books and in their preparation of the final accounts of businesses. This is largely aimed at boosting the confidence of stakeholders, particularly shareholders and potential investors in the accounting profession.

Good and useful information should have the essential characteristics of understandability, comparability, relevance, and reliability in order to play its role effectively.

Accounting standards serve to promote the understandability, comparability, relevance, and reliability of financial reports.

Accounting EQUATION- Accounting rotates around three basic TERMS. These terms are assets, liabilities and capital. the TRUE relationship between these terms is represented as ACCONTING Equations IE..

Assets= liabilities+ Capital.

Accounting Equation- Accounting rotates around three basic terms. These terms are assets, liabilities and capital. the true relationship between these terms is represented as Acconting Equations ie..

Assets= liabilities+ Capital.

First, of all post all the journals in the ledger and then post in the trial balance and from that prepare trading account and manufacturing account (if necessary) and profit and LOSS account. And then prepare profit and loss adjustment account and with the HELP of the trial balance prepare balance SHEET and also SHOW the profit under reserves after deducting the PREVIOUS year losses and show contingencies (if any) in the notes to accounts.

First, of all post all the journals in the ledger and then post in the trial balance and from that prepare trading account and manufacturing account (if necessary) and profit and loss account. And then prepare profit and loss adjustment account and with the help of the trial balance prepare balance sheet and also show the profit under reserves after deducting the previous year losses and show contingencies (if any) in the notes to accounts.

Executive Accounting is designed for SERVICE type businesses that require a sophisticated accounting SYSTEM, yet simple to use accounting system. Executive Accounting contains many advanced FEATURES such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple BANK account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited NUMBER of users.

Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.

The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the DERIVATIVE of total production costs with respect to the level of output. Marginal cost and average cost can differ greatly.

For example: suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20The Econ Model APPLICATIONS Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 SECONDS) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing BEHAVIOR and a marginal cost curve.

The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output. Marginal cost and average cost can differ greatly.

For example: suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.

RETAIL banking REFERS to the banking DONE with the retail client (e.g. the normal PEOPLE) rather than business or organizational customers.

Retail banking refers to the banking done with the retail client (e.g. the normal people) rather than business or organizational customers.

Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports. 

The purpose of accounting is to provide information used in decision-making. Accounting may be VIEWED as a SYSTEM (a process) that converts data into useful information.

Information processes include:

► Recording
► Maintaining
► Reporting 

Every business has numerous processes. Some are SIMPLE, others complex and cumbersome. However, as the business grows, acquires new customers, enters new markets, and keeps PACE with constant changes in statutory regulations... the company will need to MAINTAIN highly accurate and up-to-date accounting, inventory, and statutory records.

This is where a computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily.

Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports. 

The purpose of accounting is to provide information used in decision-making. Accounting may be viewed as a system (a process) that converts data into useful information.

Information processes include:

► Recording
► Maintaining
► Reporting 

Every business has numerous processes. Some are simple, others complex and cumbersome. However, as the business grows, acquires new customers, enters new markets, and keeps pace with constant changes in statutory regulations... the company will need to maintain highly accurate and up-to-date accounting, inventory, and statutory records.

This is where a computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily.

DEPRECIATION and its types: Depreciation means reducing/lowering value of an ASSET because of its USE. Like machines/vehicles GETS rusty/slow because of CONSISTENT use.

Depreciation and its types: Depreciation means reducing/lowering value of an asset because of its use. Like machines/vehicles gets rusty/slow because of consistent use.

Bills Receivable , in MERCHANT accounts, are all promissory notes, bills of EXCHANGE, BONDS, and other evidences or securities which a merchant or trader holds, and which are PAYABLE to him.

Bills Receivable , in merchant accounts, are all promissory notes, bills of exchange, bonds, and other evidences or securities which a merchant or trader holds, and which are payable to him.

Public accounting can be viewed as firms of accountants that serve clients such as BUSINESSES (retailers, manufacturers, service companies, etc.), individuals, nonprofits and governments. The services provided by public accounting firms will vary by the size and the expertise of the firm.

Here are some of the public accounting services:

1. preparation, review, and auditing of the clients' financial statements
2. tax work including the preparation of income tax returns, and estate and tax planning
3. consulting and advice involving accounting SYSTEMS, mergers and acquisitions, and much more
4. The people employed in public accounting are often certified public accountants or CPAS. Many accountants leave the larger public accounting firms after several years of experience and become an employee of a single business. In their new position they will be referred to as a private accountant, corporate accountant or internal accountant.
5. Public accounting firms range in size from tens of thousands of small LOCAL firms to a few huge international firms employing hundreds of thousands of CPAs throughout the world.
6. The positions in public accounting often consist of staff, senior, manager and partner.

Public accounting can be viewed as firms of accountants that serve clients such as businesses (retailers, manufacturers, service companies, etc.), individuals, nonprofits and governments. The services provided by public accounting firms will vary by the size and the expertise of the firm.

Here are some of the public accounting services:

Other situations which are frequently asked about include the following:

Give an example of when you:

► Planned something.
► Took on responsibility.
► Led a team.
► Had to cope with pressure.
► Dealt with an unreasonable person.
► Had to MAKE a DIFFICULT DECISION?
► Used initiative
► Influenced others.
► SOLVED a problem.

Other situations which are frequently asked about include the following:

Give an example of when you:

► Planned something.
► Took on responsibility.
► Led a team.
► Had to cope with pressure.
► Dealt with an unreasonable person.
► Had to make a difficult decision?
► Used initiative
► Influenced others.
► Solved a problem.

TAXPAYERS LIKE to USE ACCOUNTING.

Taxpayers like to use accounting.

Capital GAIN: when any capital asset is sold and it is sold at a higher PRICE than its BOOK value then that EXTRA gain is called capital gain. The word profit generally means revenue profits. While capital gain is generally received infrequently.

Capital gain: when any capital asset is sold and it is sold at a higher price than its book value then that extra gain is called capital gain. The word profit generally means revenue profits. While capital gain is generally received infrequently.

When any employer provides any service to his customer, which INCOME is excess under the tax then company LIABLE for the pay tax.

In addition, service tax deposited of in under 5 days who you charged service tax to his customers.

In the payment of Service tax amount you can CREDIT AVAILED during of the month.

MOREOVER, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller.

When any employer provides any service to his customer, which income is excess under the tax then company liable for the pay tax.

In addition, service tax deposited of in under 5 days who you charged service tax to his customers.

In the payment of Service tax amount you can Credit availed during of the month.

Moreover, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller.

This concept defines the UNIT of TIME for which accounting data are collected. It is HARD to calculate and measure the profit if the business is trading for long periods. THEREFORE, accountants estimate profitability in the short segments of time that we CALL Accounting periods.

This concept defines the unit of time for which accounting data are collected. It is hard to calculate and measure the profit if the business is trading for long periods. Therefore, accountants estimate profitability in the short segments of time that we call Accounting periods.

Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It INVOLVES the basic accounting processes of RECORDING, classifying, and summarizing transactions.

► Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and REPORTING of current and prospective costs.

► Managerial accounting is the branch of accounting designed to provide information to various MANAGEMENT levels in the hospitality operation for enhancing controls.

Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions.

► Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.

► Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for enhancing controls.

ACCOUNTING means recording of DAY today transaction whereas auditing means RECHECKING of that transaction it is PROPERLY RECORDED or not.

Accounting means recording of day today transaction whereas auditing means rechecking of that transaction it is properly recorded or not.

Demonstrate your experience in maintaining accounting PRINCIPLES, practices and procedures to ensure accurate and timely FINANCIAL statements and reporting. Discuss your ABILITY to meet tight deadlines and undertake a MULTITUDE of accounting activities. SHOW your understanding of generally accepted and statutory accounting principles.

Demonstrate your experience in maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements and reporting. Discuss your ability to meet tight deadlines and undertake a multitude of accounting activities. Show your understanding of generally accepted and statutory accounting principles.

Balancing MEANS EQUALIZING DEBIT and credit side totals in a T-account.

If there is a DEFICIT on side that is, debit, or credit a suspense account is OPENED with the balancing figure.

Balancing means equalizing debit and credit side totals in a T-account.

If there is a deficit on side that is, debit, or credit a suspense account is opened with the balancing figure.

It is removing items from the income statement or BALANCE SHEET that do not normally occur during the course of BUSINESS to better estimate the value of a COMPANY.

It is removing items from the income statement or balance sheet that do not normally occur during the course of business to better estimate the value of a company.

Partitioning is nothing but GROUPING based on the cluster, which is similar KIND of response by a SYSTEM.

Partitioning is nothing but grouping based on the cluster, which is similar kind of response by a system.

Executive Accounting is designed for service type businesses that require a sophisticated accounting system, YET simple to USE accounting system. Executive Accounting CONTAINS many ADVANCED features such as three STYLES of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.

Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.

Accounting Management (BUSINESS) is the practical application of management techniques to control and report on the financial HEALTH of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision-making. This includes the maintenance of bank accounts, developing financial statements, cash flow, and financial performance analysis. Accounting management is a mandatory knowledge module of any MBA program.

Accounting (IT) management: Accounting is often referred to as billing management. The goal is to GATHER usage statistics for users.

USING the statistics the users can be billed and usage quota can be enforced.

Examples:

► Disk usage
► Link utilization
► CPU TIME

Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision-making. This includes the maintenance of bank accounts, developing financial statements, cash flow, and financial performance analysis. Accounting management is a mandatory knowledge module of any MBA program.

Accounting (IT) management: Accounting is often referred to as billing management. The goal is to gather usage statistics for users.

Using the statistics the users can be billed and usage quota can be enforced.

Examples:

► Disk usage
► Link utilization
► CPU time

The elegance of Accounting is that it is a purveyor of information, organized into systems, and exploited for a particular purpose.

That is because Accounting is vague. Interestingly, information from accounting can be split into to methods:

1. Valuation

2. Evaluation

1. Valuation: This is the type of information that financial/Tax/Cost accounting attempts to tackle. What is that worth? How much of it came from this SOURCE of value? What will be the ASSET be worth in ten YEARS? All of these questions are valuation methods and accounting provides an informational standpoint from which to analyze these questions and ascertain an answer to them.

2. Evaluation: This would be your classical managerial accounting. Did employee A PROVIDE hire effort? What should compensation look like? How are we PERFORMING? All are evaluation questions. Evaluation is especially important to Internal Audit and the control environment. You can easily image a professor conducting evaluation accounting to assign proper reward to students who exhibit learning through testing.

The elegance of Accounting is that it is a purveyor of information, organized into systems, and exploited for a particular purpose.

That is because Accounting is vague. Interestingly, information from accounting can be split into to methods:

1. Valuation

2. Evaluation

1. Valuation: This is the type of information that financial/Tax/Cost accounting attempts to tackle. What is that worth? How much of it came from this source of value? What will be the asset be worth in ten years? All of these questions are valuation methods and accounting provides an informational standpoint from which to analyze these questions and ascertain an answer to them.

2. Evaluation: This would be your classical managerial accounting. Did employee A provide hire effort? What should compensation look like? How are we performing? All are evaluation questions. Evaluation is especially important to Internal Audit and the control environment. You can easily image a professor conducting evaluation accounting to assign proper reward to students who exhibit learning through testing.

PROVISION means LIABILITIES it means payable ACCOUNT A it?s an very useful for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, A EPF payable accounts Dr to EPF accounts ESIC payable accounts Dr to ESIC account

Provision means liabilities it means payable account A it?s an very useful for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, A EPF payable accounts Dr to EPF accounts ESIC payable accounts Dr to ESIC account

Chartered Accountancy firms put a lot of weight on A-level grades as these have been found to be the best predictors of success in professional examinations.

If your A levels were not OUTSTANDING, this may sometimes depend more on the quality of the school you attended than your ability. In some inner-city schools it may be that a mediocre A-level performance that you achieved might have been the best in your school - if this is so, then MAKE it clear. An average performance at a weak school ACADEMICALLY may be the equivalent of a MUCH better performance at some prestigious establishments.

Similarly, if there were any other external factors, such as illness, that may have affected your grades, tell the interviewers - but don't sound as though you are making EXCUSES.

Chartered Accountancy firms put a lot of weight on A-level grades as these have been found to be the best predictors of success in professional examinations.

If your A levels were not outstanding, this may sometimes depend more on the quality of the school you attended than your ability. In some inner-city schools it may be that a mediocre A-level performance that you achieved might have been the best in your school - if this is so, then make it clear. An average performance at a weak school academically may be the equivalent of a much better performance at some prestigious establishments.

Similarly, if there were any other external factors, such as illness, that may have affected your grades, tell the interviewers - but don't sound as though you are making excuses.