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Items in accounts are classified into five broad groups, also known as the elements of the accounts: [2]. Asset, Liability, Equity, Revenue, Expense; The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity ...
MHRD issued a letter in September 2014 (DO 4/4/2013-TS.V)) addressed to Jamshed J Irani, [48] chairman, board of governors, IIM-L. It reads: "Competent authority have directed to assign additional charge of director IIM-L to Prof Srivastava for a period of six months with effect from 09-09-2014 or till appointment of regular director or until ...
Grewal was a member of the Religious Advisory Council of the Tony Blair Faith Foundation [2] and the head of the Institute of Punjab Studies, Chandigarh. [4] He had published several articles [ 4 ] and books on Sikh history [ 5 ] and is considered by many as a scholar on the subject. [ 3 ]
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]
An asset's initial book value is its actual cash value or its acquisition cost. Cash assets are recorded or "booked" at actual cash value. Assets such as buildings, land and equipment are valued based on their acquisition cost, which includes the actual cash cost of the asset plus certain costs tied to the purchase of the asset, such as broker fees.
Individual transactions are posted both to the controlling account and the corresponding subsidiary ledger, and the totals for both are compared when preparing a trial balance to ensure accuracy. For example, "accounts receivable" is the controlling account for the accounts receivable subsidiary ledger. In this subsidiary ledger, each credit ...
He was appointed as the 10th Chief Election Commissioner and served from 12 December 1990 to 11 December 1996. [9] [13] [14] According to interview given by him to Business Standard, Law Minister Subramanian Swamy played a vital role in this appointment. [12] [15] He became best known for his electoral reforms.
The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.