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A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency. The system of recording, verifying, and reporting such information is called accounting. Practitioners of accounting are called accountants. [1]
CA Foundation is a partially subjective and a partially objective test comprising the following four papers: Paper-1: Accounting; Paper-2: Business Laws; Paper-3: Quantitative Aptitude; Paper-4: Business Economics; The first two papers are subjective while the latter two are objective. Each paper is worth 100 marks for a total of 400 marks. [2]
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
[10] Historical Cost Accounting, i.e., financial capital maintenance in nominal monetary units, is based on the stable measuring unit assumption under which accountants simply assume that money, the monetary unit of measure, is perfectly stable in real value for the purpose of measuring (1) monetary items not inflation-indexed daily in terms of ...
Activity-based costing was first clearly defined in 1987 by Robert S. Kaplan and W. Bruns as a chapter in their book Accounting and Management: A Field Study Perspective. They initially focused on the manufacturing industry, where increasing technology and productivity improvements have reduced the relative proportion of the direct costs of ...
The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind ...
[1] In the FIFO example above, the company (Foo Co.), using LIFO accounting, would expense the cost associated with the first 75 units at $59, 125 more units at $55, and the remaining 10 units at $50. Under LIFO, the total cost of sales for November would be $11,800. The ending inventory would be calculated the following way:
Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost.